we aspire to do more

We Aspire To Do More

We have led the way for 25 years...

...and we aspire to do more.

2 Syarikat Takaful Malaysia Berhad • Laporan Tahunan 2009 Annual Report

For 25 years, Takaful Malaysia has been at the forefront of the Islamic finance industry, helping Malaysians from all walks of life to achieve financial security and peace of mind. We are recognised as a global pioneer, playing a key role in nurturing the growth and development of the fledgling takaful industry all over the world, while establishing Malaysia’s position as a principal hub in Islamic finance.

Looking ahead over the next 25 years, we are excited by the possibilities that lie before us. In Malaysia, takaful is gaining broad acceptance amongst Muslims and Non-Muslims, who are attracted by opportunity to invest ethically. Internationally, as more players enter the Islamic finance arena, all eyes are on Malaysia as an industry leader.

To our shareholders, thank you for staying the course these 25 years. We look forward to continuing our journey together with you for the next 25 years and beyond.

Selama 25 tahun Takaful Malaysia telah menjadi peneraju industri kewangan Islam dan membantu pelbagai lapisan masyarakat negara ini mencapai impian kewangan dan ketenangan fikiran. Kami diiktiraf sebagai pelopor global yang memainkan peranan utama memantapkan pertumbuhan dan kemajuan industri Takaful di seluruh dunia dan pada masa yang sama merealisasikan kedudukan Malaysia sebagai hab kewangan Islam.

Kami kini bersedia menghadapi cabaran untuk 25 tahun akan datang. Di Malaysia, Takaful semakin diterima ramai baik di kalangan orang Islam mahupun bukan Islam yang tertarik dengan peluang untuk melabur secara beretika. Di peringkat antarabangsa pula, nama Malaysia menjadi semakin tersohor sebagai pemimpin industri apabila lebih ramai peserta global memasuki arena kewangan Islam.

Terima kasih kami yang tidak terhingga kepada para pemegang saham yang telah bersama-sama kami sejak 25 tahun yang lalu. Kami gembira untuk meneruskan perjalanan ini bersama-sama anda untuk 25 tahun yang akan datang dan seterusnya.

Welcome to Takaful Malaysia. Selamat datang ke Takaful Malaysia.

3Syarikat Takaful Malaysia Berhad • Laporan Tahunan 2009 Annual Report

Isi Kandungan Contents

Visi & Misi Vision & Mission

Notis Mesyuarat Agung Tahunan Notice of Annual General Meeting

Penyata Mengiringi Notis Mesyuarat Agung Tahunan Kedua Puluh Empat Statement Accompanying Notice of Twenty Fourth Annual General Meeting

Struktur Korporat 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

4

6

10

11

12

13

16

22

26

Laporan Jawatankuasa Audit Audit Committee Report

Penyata Urus Tadbir Korporat Corporate Governance Statement

Maklumat Pematuhan Tambahan Additional Compliance Information

Penyata Kawalan Dalaman Statement on Internal Control

Penyata Pengarah Urusan KumpulanGroup Managing Director’s Statement

Penyata Kewangan Financial Statements

Maklumat Hartanah Particulars of Properties

Statistik Pegangan Saham Shareholdings Statistics

Rangkaian Cawangan Branch Network

Borang Proksi Proxy Form

27

36

44

49

54

63

150

157

161


“Menjadikan kami pilihan utama insurans”

Matlamat kami adalah untuk melangkaui jangkaan/harapan pelanggan melalui:• Kecemerlangan Operasi• Kebolehan Dalam Daya Saing Teknologi• Inovasi Produk• Budaya Kerja Berorientasikan PrestasiDalam usaha meningkatkan nilai pemegang saham

“We want to be the preferred choice for insurance”

We aim to exceed customers’ expectations through:• Operational Excellence• Technology Driven Capabilities• Product Innovation• Performance Oriented CultureWhilst delivering superior shareholders’ value

VISI & MISIVISION & MISSION


We Nurture Your Future


NOTICE IS HEREBY GIVEN that the TWENTY FOURTH ANNUAL GENERAL MEETING of SYARIKAT TAKAFUL MALAYSIA BERHAD will be held at Dewan Ahmad Mohamed Ibrahim, 5th Floor, Annexe Block, Dataran Kewangan Darul Takaful, No. 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur on Thursday, 12 November 2009, at 9:30 a.m. for the following purposes:

1. To receive and adopt the Audited Financial Statements for the financial year ended 30 June 2009, together with the reports of the Directors and Auditors thereon.

(Resolution 1)

2. To approve a final dividend of 7.25% less 25% tax in respect of the financial year ended 30 June 2009.

(Resolution 2)

3. To re-elect the following Directors, each of whom retires pursuant to Article 62 of the Company’s Articles of Association:

3.1 Y.A.M. Tengku Azman Ibni Almarhum Sultan Abu Bakar (Resolution 3) 3.2 Puan Rozaida bt. Omar (Resolution 4)

4. To approve the payment of the Directors’ fees for the financial year ended 30 June 2009.

(Resolution 5)

5. To approve the payment of Shariah Advisory Body Members’ fees for the financial year ended 30 June 2009.

(Resolution 6) 6. To re-appoint Messrs KPMG Desa Megat & Co. as the

Auditors of the Company and to authorise the Directors to fix their remuneration.

(Resolution 7)

7. As Special Business - Ordinary Resolution - Proposed Renewal of Shareholder’ Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature with BIMB Holdings Berhad and its Subsidiaries (“BHB Group”).

DENGAN INI DIMAKLUMKAN bahawa MESYUARAT AGUNG TAHUNAN SYARIKAT TAKAFUL MALAYSIA BERHAD YANG KEDUA PULUH EMPAT akan diadakan di Dewan Ahmad Mohamed Ibrahim, Tingkat 5, Blok Annex, Dataran Kewangan Darul Takaful, No. 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur pada hari Khamis, 12 November 2009, jam 9:30 pagi bagi tujuan-tujuan berikut:

1. Untuk menerima dan menimbang Penyata-penyata Kewangan Beraudit bagi tahun kewangan berakhir 30 Jun 2009, berserta laporan Pengarah dan Juruaudit berkaitan dengannya.

(Resolusi 1)

2. Untuk meluluskan dividen akhir sebanyak 7.25% ditolak 25% cukai bagi tahun kewangan berakhir 30 Jun 2009.

(Resolusi 2)

3. Untuk melantik semula Pengarah-pengarah berikut yang bersara menurut Artikel 62 Tataurusan Persatuan Syarikat:

3.1 Y.A.M. Tengku Azman Ibni Almarhum Sultan Abu Bakar (Resolusi 3)

3.2 Puan Rozaida bt. Omar (Resolusi 4)

4. Untuk meluluskan bayaran yuran Pengarah-pengarah bagi tahun kewangan berakhir 30 Jun 2009.

(Resolusi 5)

5. Untuk meluluskan bayaran yuran Ahli-ahli Badan Penasihat Syariah bagi tahun kewangan berakhir 30 Jun 2009.

(Resolusi 6)

6. Untuk melantik semula Tetuan KPMG Desa Megat & Co. sebagai Juruaudit Syarikat dan memberi kuasa kepada Pengarah-pengarah untuk menetapkan bayaran Juruaudit. (Resolusi 7)

7. Sebagai Urusan Khas - Resolusi Biasa - Cadangan Pembaharuan Mandat Pemegang Saham bagi Urusniaga Pihak Berkaitan yang Berulang Berbentuk Hasil atau Perdagangan dengan BIMB Holdings Berhad dan subsidiari-subsidiarinya (“Kumpulan BHB”).

Notis Mesyuarat Agung TahunanNotice of Annual General Meeting



“THAT, subject to compliance with all applicable laws, regulations and guidelines, the mandate granted by the shareholders of the Company on 10 December 2008 pursuant to paragraph 10.09 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, authorizing 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 21 October 2009 (“Circular”), be and is hereby renewed, provided that:

(a) the transactions are in the ordinary course of business and are on terms which are not more favourable to the related parties than those generally available to the public and on terms not to the detriment of the minority shareholders of the Company;

(b) the transactions are made at arm’s length and on normal commercial terms; and

(c) the disclosure will be made in the annual report with the breakdown of the aggregate value of the transactions conducted pursuant to the mandate during the financial year.

AND THAT such renewed and granted mandate shall continue to be in force until:

(a) the conclusion of the next annual general meeting of the Company following the general meeting at which such mandate was passed, at which time it will lapse, unless by a resolution passed at the meeting, the authority is renewed;

(b) the expiration of the period within which the next annual general meeting after the date that it is required to be held pursuant to Section 143(1) of the Companies Act, 1965 (“CA”) (but shall not extend to such extension as may be allowed pursuant to Section 143(2) of CA); or

(c) revoked or varied by resolution passed by the shareholders in a general meeting;

whichever is the earlier”. (Resolution 8)

“BAHAWA, tertakluk kepada pematuhan dengan semua undang-undang, peraturan dan garis panduan yang berkaitan, mandat yang diberikan oleh para pemegang saham Syarikat pada 10 Disember 2008 menurut perenggan 10.09 Keperluan Penyenaraian Pasaran Utama Bursa Malaysia Securities Berhad, memberi kuasa kepada Syarikat dan subsidiari-subsidiarinya (“Kumpulan Takaful Malaysia”) untuk memeterai Urusniaga Pihak Berkaitan yang Berulang 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 21 Oktober 2009 (“Pekeliling”), adalah dan dengan ini diperbaharui, dengan syarat bahawa:

(a) urusniaga tersebut adalah dalam perjalanan biasa perniagaan dan atas terma yang tidak lebih memihak kepada pihak berkaitan berbanding yang secara umumnya tersedia kepada orang ramai dan atas terma yang tidak menjejaskan para pemegang saham minoriti Syarikat;

(b) urusniaga dilaksanakan pada asas yang saksama dan atas terma komersial biasa; dan

(c) pendedahan akan dibuat dalam laporan tahunan dengan pecahan nilai agregat urus niaga yang dijalankan menurut mandat pada tahun kewangan.

DAN BAHAWA pembaharuan dan pemberian mandat akan terus berkuatkuasa sehingga:

(a) tamat mesyuarat agung tahunan Syarikat yang akan datang di mana mandat tersebut diluluskan, di mana mandat tersebut akan luput, melainkan kuasa tersebut diperbaharui melalui satu resolusi yang diluluskan dalam mesyuarat tersebut;

(b) tamat tempoh di mana mesyuarat agung tahunan berikutnya selepas tarikh ia dikehendaki untuk diadakan menurut Seksyen 143(1) Akta Syarikat, 1965 (“AS”) (tetapi tidak melebihi penangguhan seperti yang dibenarkan menurut Seksyen 143(2) AS); atau

(c) dibatalkan atau dipinda melalui resolusi yang diluluskan oleh pemegang saham dalam mesyuarat agung;

yang mana lebih awal”. (Resolusi 8)


8. To transact any other business for which due notice has been given.

NOTICE IS ALSO HEREBY GIVEN THAT a final dividend of 7.25% less 25% tax in respect of the financial year ended 30 June 2009 will be paid on 11 December 2009 to Depositors registered in the Record of Depositors at the close of business on 16 November 2009.

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 16 November 2009 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 HAJI YUSOFF (MIA 14171)Company SecretaryKuala Lumpur21 October 2009

8. Untuk melaksanakan sebarang urusan yang mana notis sewajarnya telah diberi.

NOTIS DENGAN INI JUGA DIBERI BAHAWA dividen akhir sebanyak 7.25% ditolak 25% cukai bagi tahun kewangan berakhir 30 Jun 2009, akan dibayar pada 11 Disember 2009 kepada para Pendeposit yang berdaftar di dalam Rekod Pendeposit pada penutupan perniagaan pada 16 November 2009.

NOTIS SETERUSNYA DENGAN INI JUGA DIBERI BAHAWA seorang Pendeposit adalah layak untuk mendapat hak menerima dividen hanya dalam keadaan:

(a) Saham yang dipindahkan ke dalam Akaun Sekuriti Pendeposit sebelum 4:00 petang pada 16 November 2009 berhubung pindahan; dan

(b) Saham yang dibeli di Bursa Malaysia Securities Berhad pada asas kelayakan menurut Peraturan Bursa Malaysia Securities Berhad.

Atas Arahan Lembaga Pengarah

MOHAMAD ASRI HAJI YUSOFF (MIA 14171)Setiausaha SyarikatKuala Lumpur21 Oktober 2009



Notes:

1. Appointment of Proxy

(i) A member entitled to attend and vote at the meeting is entitled to appoint a proxy or proxies to attend and to vote instead of him and shall specify the proportions of his holdings to be represented by each proxy and a proxy need not be a member of the Company.

(ii) The instrument appointing a proxy in the case of an individual shall be signed by the appointer or his attorney and in the case of a corporation, must be under seal or under the hand of an officer or attorney duly authorised.

(iii) The instrument appointing a proxy must be deposited at the Registered Office of the Company at Tingkat 26, Blok Annex, Dataran Kewangan Darul Takaful, No. 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur not less than forty-eight (48) hours before the time for holding the meeting or any adjournment thereof.

2. Explanatory Notes to Special Business (i) Proposed Renewal of Shareholder’ Mandate for Recurrent Related

Party Transaction of a Revenue or Trading Nature

The proposed Resolution No. 8, if passed, will empower the Company to conduct recurrent related party transactions of a revenue or trading in nature which are necessary for Takaful Malaysia Group’s day to day operations and will eliminate the need to convene separate general meetings from time to time to seek shareholder’ approval.

Nota:

1. Pelantikan Proksi

(i) Seorang ahli yang berhak hadir untuk mengundi dalam mesyuarat itu layak untuk melantik seorang atau beberapa orang proksi untuk hadir dan mengundi bagi pihaknya dan haruslah menyatakan bahagian sahamnya yang diwakili oleh setiap proksi dan proksi itu tidak semestinya seorang ahli Syarikat.

(ii) Suratcara pelantikan proksi bagi individu hendaklah ditandatangani oleh pelantik atau peguamnya dan dalam hal perbadanan, ia mestilah di bawah meterai atau ditandatangani oleh seorang pegawai atau peguamnya yang telah diberi kuasa sewajarnya.

(iii) Suratcara pelantikan seorang proksi mestilah dihantar ke Pejabat Berdaftar Syarikat di Tingkat 26, Blok Annex, Dataran Kewangan Darul Takaful, No. 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur, tidak lewat dari empat puluh lapan (48) jam sebelum waktu yang ditetapkan bagi mengadakan mesyuarat atau sebarang penangguhannya.

2. Nota Penerangan kepada Urusniaga Khas

(i) Cadangan Pembaharuan Mandat Pemegang Saham bagi Urusniaga Pihak Berkaitan yang Berulang Berbentuk Hasil atau Perdagangan.

Cadangan Resolusi No. 8, jika diluluskan, akan memberi kuasa kepada Syarikat untuk melaksanakan urusniaga pihak berkaitan yang berulang berbentuk hasil atau perdagangan 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.



Tiada individu yang dilantik sebagai Pengarah (selain daripada pengarah yang bersedia untuk dilantik semula iaitu Y.A.M. Tengku Azman Ibni Almarhum Sultan Abu Bakar dan Puan Rozaida bt. Omar) dalam Mesyuarat Agung Tahunan Syarikat Takaful Malaysia Berhad yang Kedua Puluh Empat akan datang.

There is no individual standing for election as Director (other than directors standing for re-election i.e. Y.A.M. Tengku Azman Ibni Almarhum Sultan Abu Bakar and Puan Rozaida bt. Omar) at this forthcoming Twenty Fourth Annual General Meeting of Syarikat Takaful Malaysia Berhad.

Penyata Mengiringi Notis MesyuaratAgung Tahunan Kedua Puluh Empatmengikut Perenggan 8.27 (2) Keperluan Penyenaraian Pasaran Utama Bursa Malaysia Securities Berhad

Statement Accompanying Notice of Twenty Fourth Annual General Meetingpursuant to Paragraph 8.27 (2) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad


Struktur KorporatCorporate Structure

Syar

ikat

-Sya

rika

t Sub

sidi

ari/

Subs

idia

ry C

ompa

nies

47.08%

56.00%

63.09%

57.24%

52.67%

P.T. SYARIKAT

42.73%


SYArIKAT/COMPANY SYArIKAT/COMPANY

Jumlah Kasar Sumbangan Takaful (RM ’000)/Total Gross Takaful Contributions (RM ’000)

ringkasan Kewangan Lima TahunFive Years Financial Highlights

Takaful Keluarga/Family Takaful

2005

2006

2007

2008

2009

470,

205

538,

546

433,

007

357,

145

375,

074

Takaful Am/General Takaful

2005

2006

2007

2008

2009

306,

620

208,

041

276,

294

264,

787

341,

874

Jumlah Aset (RM ’000)/Total Assets (RM ’000)

2005

2006

2007

2008

2009

3,29

1,28

5

3,79

6,26

0

2,66

1,95

5

2,98

3,33

8

4,11

8,88

0

Keuntungan Sebelum Cukai Selepas Zakat (RM ’000)/Profit Before Taxation After Zakat (RM ’000)

SYArIKAT/COMPANY

2005

2006

2007

2008

2009

14,3

61

42,6

59

33,9

93

32,5

86

45,3

25

Keuntungan Sebelum Cukai Selepas Zakat (RM ’000)/Profit Before Taxation After Zakat (RM ’000)

KuMPuLAN/GrOuP

2005

2006

2007

2008

2009

21,6

26 33,8

60

29,0

54 41,0

06 48,8

53


Maklumat KorporatCorporate Information

LEMBAGA PENGArAH/BOArD OF DIrECTOrS

Pengerusi/Chairman

Y. Bhg. Tan Sri Dr. Hadenan b. A. JalilPengarah Bukan Eksekutif Bukan Bebas/Non-Independent Non-Executive Director(Meletak jawatan pada 16 Julai 2009/Resigned on 16 July 2009)

Ahli-ahli/Members

Y. Bhg. Dato’ Mohamed Hassan b. Md. KamilPengarah Urusan Kumpulan/Group Managing Director

Y. A. M. Tengku Azman Ibni Almarhum Sultan Abu Bakar, SSAP, SIMP, DSAPPengarah Bukan Eksekutif Bebas/Independent Non-Executive Director

Puan Rozaida bt. OmarPengarah Bukan Eksekutif Bukan Bebas/Non-Independent Non-Executive Director Encik Mahadzir b. AzizanPengarah Bukan Eksekutif Bebas/Independent Non-Executive Director

Y. Bhg. Dato’ Sulaiman b. Mohd YusofPengarah Bukan Eksekutif Bebas/Independent Non-Executive Director

Encik Johan b. AbdullahPengarah Bukan Eksekutif Bukan Bebas/Non-Independent Non-Executive Director

Setiausaha/Secretary

Encik Mohamad Asri b. Hj. Yusoff (MIA 14171)

BADAN PENASIHAT SYArIAH/SHArIAH ADVISOrY BODY

Pengerusi/Chairman

Y. Bhg. Ustaz Mohd. Bakir b. Hj. Mansor

Ahli-ahli/Members

Y. Bhg. Dr. Ahmad Shahbari @ Sobri b. Salamon

Y. Bhg. Datuk Abdul Hamid b. Said

Y. Bhg. Dr. Aida bt. Othman

Setiausaha/Secretary

Encik Mohamad Asri b. Hj. Yusoff

JAWATANKuASA AuDIT/AuDIT COMMITTEE

Encik Mahadzir b. AzizanPengerusi/Chairman(Dilantik pada 15 Januari 2009/Appointed on 15 January 2009)

Y. A. M. Tengku Azman Ibni Almarhum Sultan Abu Bakar, SSAP, SIMP, DSAP(Pengerusi dari 23 Mei 2007 hingga 15 Januari 2009/Chairman from 23 May 2007 until 15 January 2009)

Puan Rozaida bt. Omar

Y. Bhg. Dato’ Sulaiman b. Mohd Yusof

JAWATANKuASA PEMILIHAN/NOMINATION COMMITTEE

Y. A. M. Tengku Azman Ibni Almarhum Sultan Abu Bakar, SSAP, SIMP, DSAPPengerusi/Chairman

Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil



Encik Johan b. Abdullah

JAWATANKuASA GANJArAN/rEMuNErATION COMMITTEE

Y. A. M. Tengku Azman Ibni Almarhum Sultan Abu Bakar, SSAP, SIMP, DSAPPengerusi/Chairman

Encik Mahadzir b. Azizan




JAWATANKuASA PENGuruSAN rISIKO/rISK MANAGEMENT COMMITTEE

Encik Mahadzir b. AzizanPengerusi/Chairman



Encik Johan b. Abdullah

PENGuruSAN/MANAGEMENT


Puan Azian bt. KassimKetua Pegawai Pelaburan/Chief Investment Officer

Encik Nazrul Hisham b. Abdul HamidKetua Pegawai Audit Dalaman/Chief Internal Auditor

Encik Abdul Khalid b. SallehPengurus Besar, Jualan & Pemasaran/Bancatakaful/General Manager, Sales & Marketing/Bancatakaful

Puan Balilah bt. HassanPengurus Besar, Sumber Manusia/General Manager, Human Resource

Encik Lee Kok WahKetua Pegawai Kewangan/Chief Financial Officer

KETuA PEGAWAI EKSEKuTIF BAGI SYArIKAT SuBSIDIArI/CHIEF EXECuTIVE OFFICEr OF SuBSIDIArY COMPANIES

Encik Izzuddin b. TajudinKetua Pegawai Eksekutif, Asean Retakaful International (L) Ltd/Chief Executive Officer, Asean Retakaful International (L) Ltd

JuruAuDIT/AuDITOrS

KPMG Desa Megat & Co. (AF0759)Chartered AccountantsLevel 10, KPMG Tower8, First AvenueBandar Utama47800 Petaling JayaSelangor Darul EhsanTel : 603-7721 3388Fax : 603-7721 3399

PEJABAT BErDAFTAr/rEGISTErED OFFICE

Tingkat 26, Blok AnnexDataran Kewangan Darul TakafulNo. 4, Jalan Sultan Sulaiman50000 Kuala LumpurTel : 603-2268 1984Fax : 603-2274 2864Email : [email protected] : www.takaful-malaysia.com.my

PENDAFTAr/rEGISTrAr

Symphony Share Registrars Sdn Bhd (378993-D)Level 26, Menara Multi-PurposeCapital SquareNo. 8, Jalan Munshi Abdullah50100 Kuala LumpurTel : 603-2721 2222Fax : 603-2721 2530/31Website : www.symphony.com.my

TEMPAT DITuBuHKAN DAN DOMISIL/PLACE OF INCOrPOrATION AND DOMICILE

Malaysia

PENYENArAIAN BurSA/BurSA LISTING

Pasaran Utama/Main MarketBursa Malaysia Securities Berhad

Maklumat Korporat

Corporate Information


We Protect the Essentials


Profil Lembaga PengarahBoard of Directors’ Profile

Y. Bhg. Dato’ Mohamed Hassan b. Md. KamilPengarah Urusan Kumpulan/

Group Managing Director

Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil, aged 46, is a Malaysian citizen and was appointed to the Board of Syarikat Takaful Malaysia Berhad 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 a member of the Remuneration Committee, Nomination Committee and Risk Management Committee. He is also the Chairman of the Board of Commissioners of P.T. Asuransi Takaful Umum and P.T. Asuransi Takaful Keluarga and a member of the Board of Commissioners of P.T. Syarikat Takaful Indonesia.

He graduated with a Bachelor of Science degree in Actuarial Science and Master in Business Administration from the University of Iowa, USA. He is a Fellow of the Society of Actuaries, USA, a member of the American Academy of Actuaries and a Chartered Life Underwriter.

He worked in the United States as an Actuary from 1987 to 1994 prior to returning to Malaysia as Deputy General Manager at Malaysia National Insurance. In 1996, he joined ING Insurance Berhad (previously known as Aetna Universal Insurance) as Senior Vice President and Chief Actuary. In 2004, he became the Deputy General Manager for P.T. AIA Indonesia. He was an Executive Director of BIMB Holdings Berhad from April 2006 until March 2007.

He has no family relationship with any other directors/major shareholders of Takaful Malaysia and has no conflict of interest with Takaful Malaysia. He has no conviction for offences within the past ten (10) years and has attended nine (9) Board of Directors’ meeting during the financial year ended 30 June 2009.

Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil, berusia 46 tahun, adalah warganegara Malaysia dan dilantik ke Lembaga Pengarah Syarikat Takaful Malaysia Berhad 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 ahli Jawatankuasa Ganjaran, Jawatankuasa Pemilihan dan Jawatankuasa Pengurusan Risiko. Beliau juga merupakan Pengerusi Lembaga Komisaris P.T. Asuransi Takaful Umum dan P.T. Asuransi Takaful Keluarga dan ahli Lembaga Komisaris P.T. Syarikat Takaful Indonesia.

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.

Beliau telah bekerja di Amerika Syarikat sebagai Aktuari dari tahun 1987 hingga 1994 sebelum pulang ke Malaysia sebagai Timbalan Pengurus Besar di Malaysia National Insurance. Pada tahun 1996, beliau menyertai ING Insurance Berhad (sebelum ini dikenali sebagai Aetna Universal Insurance) sebagai Naib Presiden Kanan dan Ketua Aktuari. Pada tahun 2004, beliau menjadi Timbalan Pengurus Besar bagi P.T. AIA Indonesia. Beliau merupakan Pengarah Eksekutif BIMB Holdings Berhad mulai April 2006 hingga Mac 2007.

Beliau tidak mempunyai perhubungan kekeluargaan dengan mana-mana pengarah/pemegang saham utama Takaful Malaysia dan tidak mempunyai percanggahan kepentingan dengan Takaful Malaysia. Beliau tidak pernah disabitkan dengan apa-apa kesalahan dalam tempoh sepuluh (10) tahun yang lalu dan telah menghadiri sembilan (9) mesyuarat Lembaga Pengarah semasa tahun kewangan berakhir 30 Jun 2009.


Profil Lembaga Pengarah

Board of Directors’ Profile

Y. A. M. Tengku Azman Ibni Almarhum Sultan Abu Bakar, berusia 57 tahun adalah warganegara Malaysia dan telah dilantik sebagai Pengarah Bukan Eksekutif Bebas Takaful Malaysia pada 15 Mei 2007. Beliau juga adalah Pengerusi Jawatankuasa Ganjaran dan Jawatankuasa Pemilihan dan juga merupakan ahli Jawatankuasa Audit. Beliau juga merupakan ahli Lembaga Komisaris P.T. Syarikat Takaful Indonesia.

Y. A. M. Tengku Azman mendapat pendidikan awalnya di United Kingdom dan memulakan kerjayanya dengan Hongkong & Shanghai Banking Corporation pada tahun 1973 sebagai Pegawai Rantau Pelatih. Selepas menamatkan tempoh latihannya di Ibu Pejabat di Hong Kong dan di Institute of Banking (Part I), beliau pulang ke Malaysia dan terus bekerja dengan Hongkong & Shanghai Banking Corporation sebelum membuka perniagaannya sendiri, iaitu Jomalina Sdn Bhd, sebuah syarikat yang terlibat dengan penapisan minyak sawit pada tahun 1976. Mulai dari situ, Y.A.M. Tengku Azman meneruskan kerjayanya dengan memegang jawatan pengurusan dalam beberapa syarikat swasta yang lain. Dalam tempoh dari tahun 1985 hingga 2001, Y.A.M. Tengku Azman memegang jawatan Pengarah di Aetna Universal Insurance Berhad (kini dikenali sebagai ING Insurance Berhad) dan Ralco Corporation Berhad, masing-masing adalah syarikat yang terbabit dalam pelbagai jenis insurans dan pengeluaran serta perdagangan bahan plastik. Kini, Y. A. M. Tengku Azman adalah Pengerusi Eksekutif sebuah syarikat swasta, Ampmech Industries Sdn Bhd, syarikat yang dilesenkan oleh Petroliam Nasional Berhad, yang berkecimpung dalam industri minyak dan gas dan sebagai Pengarah Urusan A. S. Holdings Sdn Bhd, masing-masing sejak tahun 1998 dan 1980. Beliau juga merupakan Pengarah di beberapa syarikat sendirian berhad yang lain.

Y. A. M. Tengku Azman tidak mempunyai perhubungan kekeluargaan dengan mana-mana pengarah/pemegang saham utama Takaful Malaysia dan tidak mempunyai percanggahan kepentingan dengan Takaful Malaysia. Beliau tidak pernah disabitkan dengan apa-apa kesalahan dalam tempoh sepuluh (10) tahun yang lalu dan telah menghadiri sembilan (9) mesyuarat Lembaga Pengarah semasa tahun kewangan berakhir 30 Jun 2009.

Y. A. M. Tengku Azman Ibni Almarhum Sultan Abu Bakar, aged 57, is a Malaysian citizen and was appointed as an Independent Non-Executive Director of Takaful Malaysia on 15 May 2007. He is also the Chairman of Remuneration Committee and Nomination Committee and a member of Audit Committee. He is also a member of the Board of Commissioners of P.T. Syarikat Takaful Indonesia.

Y. A. M. Tengku Azman had his early education in the United Kingdom. He started off his career with Hongkong & Shanghai Banking Corporation in 1973 as Regional Officer Trainee. After completing the training period in Hongkong Head Quarters and the Institute of Banking (Part I), he then returned to Malaysia and continued working with Hongkong & Shanghai Banking Corporation before setting up his own business, Jomalina Sdn Bhd, a company involved in palm oil refining in 1976. From then onwards, Y.A.M. Tengku Azman continued his career path by assuming management positions in several other private limited companies. In the period from 1985 to 2001, Y.A.M. Tengku Azman held the position of Director of Aetna Universal Insurance Berhad (now known as ING Insurance Berhad) and Ralco Corporation Berhad, companies involved in multi-line insurance and manufacturing and trading of plastic materials respectively. Currently, Y. A. M. Tengku Azman is the Executive Chairman of a private company, Ampmech Industries Sdn Bhd, a licensed company by Petroliam Nasional Berhad, specializing in the oil and gas industry and Managing Director of A. S. Holdings Sdn Bhd since 1998 and 1980 respectively. He is also a Director of several other private limited companies.

Y. A. M. Tengku Azman has no family relationship with any other directors/major shareholders of Takaful Malaysia and has no conflict of interest with Takaful Malaysia. He has no conviction for offences within the past ten (10) years and has attended nine (9) Board of Directors’ meeting during the financial year ended 30 June 2009.

Y. A. M. Tengku Azman Ibni Almarhum Sultan Abu Bakar, SSAP, SIMP, DSAPPengarah Bukan Eksekutif Bebas/Independent Non-Executive Director




Puan Rozaida Bt. OmarPengarah Bukan Eksekutif Bukan Bebas/

Non-Independent Non-Executive Director

Puan Rozaida bt. Omar, aged 46, is a Malaysian citizen and is a Non-Independent Non-Executive Director of Takaful Malaysia and was appointed to the Board on 15 May 2007. She is also a member of the Audit Committee, Nomination Committee and Risk Management Committee.

She is a Chartered Accountant (M) and a member of the Association of Chartered Certified Accountants (ACCA) United Kingdom since 1986.

She started her career as a Financial Accountant at FELDA in 1986. In 1990, she became a Credit Manager at Citibank Berhad until 1991. She then joined Guthrie Trading Sdn Bhd in 1992 as a Finance Manager until 1993. After that, she became a Finance Director of Glaxo SmithKline Consumer Healthcare Sdn Bhd from 1994 until 2003. She is currently the Senior General Manager (Finance) of Lembaga Tabung Haji since 2004. She is also a Director of TH Properties Sdn Bhd and Pelikan Berhad.

She has no family relationship with any other directors/major shareholders of Takaful Malaysia and has no conflict of interest with Takaful Malaysia. She has no conviction for offences within the past ten (10) years and has attended nine (9) Board of Directors’ meeting during the financial year ended 30 June 2009.

Puan Rozaida bt. Omar, berusia 46 tahun, adalah warganegara Malaysia dan telah dilantik sebagai Pengarah Bukan Eksekutif Bukan Bebas Takaful Malaysia pada 15 Mei 2007. Beliau juga merupakan ahli Jawatankuasa Audit, Jawatankuasa Pemilihan dan Jawatankuasa Pengurusan Risiko.

Beliau adalah Akauntan Bertauliah (M) dan merupakan ahli Association of Chartered Certified Accountants (ACCA) United Kingdom sejak tahun 1986.

Beliau memulakan kerjayanya sebagai Akauntan Kewangan di FELDA pada tahun 1986. Pada tahun 1990, beliau menjadi Pengurus Kredit di Citibank Berhad sehingga tahun 1991. Beliau kemudiannya menyertai Guthrie Trading Sdn Bhd pada tahun 1992 sebagai Pengurus Kewangan sehingga tahun 1993. Selepas itu, beliau menjadi Pengarah Kewangan di Glaxo SmithKline Consumer Healthcare Sdn Bhd dari tahun 1994 sehingga tahun 2003. Kini beliau adalah Pengurus Besar Kanan (Kewangan) di Lembaga Tabung Haji sejak tahun 2004. Beliau juga merupakan Pengarah TH Properties Sdn Bhd dan Pelikan Berhad.





Encik Mahadzir b. Azizan, berusia 60 tahun, adalah warganegara Malaysia dan telah dilantik sebagai Pengarah Bukan Eksekutif Bebas Takaful Malaysia pada 1 September 2007. Beliau juga merupakan Pengerusi Jawatankuasa Pengurusan Risiko dan Jawatankuasa Audit dan merupakan ahli Jawatankuasa Ganjaran.

Beliau memperolehi kelulusan Barrister-At-Law dari Lincoln’s Inn, London, United Kingdom dan diterima masuk ke English Bar pada tahun 1978.

Beliau telah memegang pelbagai jawatan penting di dalam sektor awam dan swasta. Selepas tamat pengajian, beliau telah menyertai perkhidmatan Perundangan dan Kehakiman Kerajaan Malaysia sebagai Timbalan Pendakwaraya Awam dan Penasihat Undang-Undang. Beliau kemudiannya menyertai sektor swasta dan berkhidmat di Malaysian International Shipping Corporation (“MISC”) dan Island & Peninsular Berhad, syarikat hartanah Permodalan Nasional Berhad (“PNB” ) selama 24 tahun. Semasa di sektor swasta, beliau juga telah berkhidmat sebagai Ahli Majlis MARA, Pengarah TH Properties Sdn Bhd dan juga sebagai Pengarah di pelbagai syarikat berkaitan Kerajaan. Kini, beliau merupakan Pengarah ECM Libra Financial Group Berhad dan beberapa syarikat lain.


Encik Mahadzir b. Azizan, aged 60, is a Malaysian citizen and is an Independent Non-Executive Director of Takaful Malaysia and was appointed to the Board on 1 September 2007. He is also the Chairman of the Risk Management Committee and Audit Committee and a member of Remuneration Committee.

He is a Barrister-At-Law from Lincoln’s Inn, London, United Kingdom and was called to the English Bar in 1978.

He has held key positions both in private and public sector. After graduation, he joined the Judicial and Legal Service of the Malaysian Government as a Deputy Public Prosecutor and Federal Counsel and subsequently ventured into the private sector and served Malaysian International Shipping Corporation (“MISC”) and Island & Peninsular Berhad, the property arm of Permodalan Nasional Berhad (“PNB”) for 24 years. Whilst in the private sector, he also served as Ahli Majlis MARA, Director of TH Properties Sdn Bhd as well as various other directorships in government linked companies. Currently, Encik Mahadzir is also a Director of ECM Libra Financial Group and several other companies.

He has no family relationship with any other directors/major shareholders of Takaful Malaysia and has no conflict of interest with Takaful Malaysia. He has no conviction for offences within the past ten (10) years and has attended nine (9) Board of Directors’ meeting during the financial year ended 30 June 2009.

Encik Mahadzir B. AzizanPengarah Bukan Eksekutif Bebas/Independent Non-Executive Director




Y. Bhg. Dato ’ Sulaiman b. Mohd YusofPengarah Bukan Eksekutif Bebas /

Independent Non-Executive Director

Y. Bhg. Dato’ Sulaiman b. Mohd Yusof, aged 58, is a Malaysian citizen and is an Independent Non-Executive Director of Takaful Malaysia and was appointed to the Board on 1 January 2008. He is a member of the Audit Committee, Nomination Committee and Remuneration Committee. He is also the Chairman of Asean Retakaful International (L) Ltd.

He graduated with a Bachelor of Law (LLB) degree from the University of Buckingham, United Kingdom in 1984 and was called to the Malaysian Bar in 1986.

He started his career as a Cadet Reporter Trainee with Bernama News Agency in 1969. Later in the same year, he joined Royal Malaysia Police. He assumed various positions at the Royal Malaysia Police such as Deputy Superintendent of Personnel, Secretary responsible for the IGP, Tun Haniff Omar, Officer of Police District Sentul, Alor Setar and Sungai Petani and Assistant Commissioner with Research and Planning at Bukit Aman. In 2002, he became the Deputy Director Management (Discipline), in 2003 as Deputy Director Narkotics Department, in 2004 as the Chief Police Officer Negeri Sembilan, in 2005 as Deputy Director Commercial Crime Investigation Department and in 2006 as Chief Police Officer of Kuala Lumpur until his retirement. In April 2007, he started his own legal firm, Sulaiman & Saif. He is also a Director of AWC Facility Solutions Berhad and other private limited companies.

He has no family relationship with any other directors/major shareholders of Takaful Malaysia and has no conflict of interest with Takaful Malaysia. He has no conviction for offences within the past ten (10) years and has attended nine (9 ) Board of Director’s meeting during the financial year ended 30 June 2009.

Y. Bhg. Dato’ Sulaiman b. Mohd Yusof, berusia 58 tahun, adalah warganegara Malaysia dan telah dilantik sebagai Pengarah Bukan Eksekutif Bebas Takaful Malaysia pada 1 Januari 2008. Beliau merupakan ahli Jawatankuasa Audit, Jawatankuasa Pemilihan dan Jawatankuasa Ganjaran. Beliau juga merupakan Pengerusi Asean Retakaful International (L) Ltd.

Beliau memperolehi Ijazah Sarjana Muda Undang-undang (LLB) dari University of Buckingham, United Kingdom pada tahun 1984 dan diterima masuk ke Malaysian Bar pada tahun 1986.

Beliau memulakan kerjayanya sebagai Pelatih Wartawan Kadet dengan Agensi Berita Bernama pada tahun 1969. Seterusnya pada tahun yang sama, beliau menyertai Polis Di Raja Malaysia. Beliau menjawat pelbagai jawatan dalam Polis Di Raja Malaysia seperti Timbalan Superitendan Personel, Setiausaha yang bertanggungjawab kepada Ketua Polis Negara, Tun Haniff Omar, Pegawai Polis Daerah Sentul, Alor Setar dan Sungai Petani dan Penolong Pesuruhjaya Penyelidikan dan Perancangan di Bukit Aman. Pada tahun 2002, beliau menjadi Timbalan Pengarah Pengurusan (Disiplin), Timbalan Pengarah Jabatan Narkotik pada tahun 2003, Ketua Polis Negeri Sembilan pada tahun 2004, Timbalan Pengarah, Jabatan Siasatan Jenayah Komersial pada tahun 2005 dan sebagai Ketua Polis Kuala Lumpur pada tahun 2006 sehingga persaraan beliau. Pada bulan April 2007, beliau membuka syarikat guamannya sendiri, Sulaiman & Saif. Beliau juga merupakan Pengarah AWC Facility Solutions Berhad dan beberapa syarikat sendirian berhad yang lain.

Beliau tidak mempunyai perhubungan kekeluargaan dengan mana-mana pengarah/pemegang saham utama Takaful Malaysia dan tidak mempunyai percanggahan kepentingan dengan Takaful Malaysia. Beliau tidak pernah disabitkan dengan apa-apa kesalahan dalam tempoh sepuluh tahun (10) yang lalu dan telah menghadiri sembilan (9) mesyuarat Lembaga Pengarah semasa tahun kewangan berakhir 30 Jun 2009.




Encik Johan b. Abdullah, berusia 53 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 dan Jawatankuasa Pengurusan Risiko.

Beliau memperolehi Diploma Perbankan dari Universiti Teknologi MARA, Shah Alam pada tahun 1983, Ijazah Sarjana Muda Pentadbiran Perniagaan (Kewangan) dari Eastern Michigan University, Michigan, USA pada tahun 1985 dan Ijazah Sarjana Pentadbiran Perniagaan (Kewangan) dari Morehead State University, Kentucky, USA pada tahun 1986.

Beliau memulakan kerjaya profesionalnya pada tahun 1987 di Kuala Lumpur Stock Exchange (sekarang ini dikenali sebagai Bursa Malaysia 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 Berhad dan telah memegang pelbagai jawatan kanan termasuk Deputy Chief Regulatory Officer, Group Regulation. Pada bulan Mei 2008, beliau menyertai BIMB Holdings Berhad sebagai Pengarah Urusan Kumpulan/Ketua Pegawai Eksekutif. Beliau juga merupakan Pengarah Bank Islam Malaysia Berhad.

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 tahun (10) yang lalu dan telah menghadiri lapan (8) mesyuarat Lembaga Pengarah semasa tahun kewangan berakhir 30 Jun 2009.

Encik Johan b. Abdullah, aged 53, is a Malaysian citizen and is a Non-Independent Non-Executive Director of Takaful Malaysia and was appointed to the Board on 15 August 2008. He is also a member of the Nomination Committee and Risk Management Committee.

He obtained a Diploma in Banking from University Technology MARA, Shah Alam in 1983, a Bachelor of Business Administration (Finance) from Eastern Michigan University, Michigan, USA in 1985 and a Master in Business Administration (Finance) from Morehead State University, Kentucky, USA in 1986.

He started his professional career in 1987 with Kuala Lumpur Stock Exchange (currently known as Bursa Malaysia Berhad) as Listing Officer. In 1989, he joined Corporate Finance division of Bumiputra Merchant Bankers Berhad and left the bank in early 1995 as Senior Manager. Later he joined Damansara Realty Berhad as General Manager, Corporate Planning. Subsequently in the year 1999, he re-joined Bursa Malaysia Berhad and took up various senior positions including that of Deputy Chief Regulatory Officer, Group Regulation. In May 2008, he joined BIMB Holdings Berhad as Group Managing Director/Chief Executive Officer. He is also a director of Bank Islam Malaysia Berhad.

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 eight (8) Board of Director’s meeting during the financial year ended 30 June 2009.

Encik Johan b. AbdulahPengarah Bukan Eksekutif Bukan Bebas /Non-Independent Non-Executive Director


Profil Badan Penasihat SyariahShariah Advisory Body’s Profile

Y. Bhg. Ustaz Mohd Bakir b. Haji Mansor, berusia 73 tahun, adalah warganegara Malaysia dan merupakan Pengerusi Badan Penasihat Syariah (BPS) Takaful Malaysia dan telah dilantik pada 1 Julai 2002.

Beliau memperolehi Shahadah Ulya (Sijil Tertinggi) dari Kolej Islam Malaya pada tahun 1965.

Beliau telah memulakan kerjayanya sebagai guru sementara di Madrasah Mashhoor Islamiyah, Pulau Pinang dari tahun 1967 hingga 1970. Beliau kemudiannya berkhidmat sebagai Pegawai Penerangan sementara di Majlis Kebangsaan Hal Ehwal Agama Islam Malaysia mulai tahun 1971 hingga 1973; sebagai Pegawai Hal Ehwal Islam di Bahagian Hal Ehwal Islam, Jabatan Perdana Menteri dari tahun 1973 hingga 1977; sebagai Pegawai Perancangan Pendidikan Ugama di Jabatan Kemajuan Masyarakat, Kementerian Pertanian dari tahun 1978 hingga 1980; sebagai Penolong Pengarah Dokumentasi di Bahagian Hal Ehwal Islam, Jabatan Perdana Menteri mulai tahun 1980 hingga 1981 dan sebagai Ketua Penolong Pengarah Pusat Penyelidikan Islam dari tahun 1981 hingga 1984. Beliau kemudiannya berkhidmat dengan Bank Islam Malaysia Berhad sebagai Koordinator Syariah dari tahun 1984 hingga 2001.

Beliau pernah berkhidmat sebagai Internal Research Fellow for Centre of Fiqh Muamalat di Institut Perbankan dan Kewangan Islam Malaysia (IBFIM) dari 2 Januari 2001 hingga 30 Jun 2009. Beliau kini merupakan Distinguished Shariah Advisor for Centre of 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 dan Pengerusi Jawatankuasa Penasihat Syariah Persatuan Institusi Perbankan Islam Malaysia. Sebelum dilantik sebagai ahli BPS Takaful Malaysia pada 1 Julai 2002, beliau adalah Setiausaha BPS Takaful Malaysia sejak ia ditubuhkan pada tahun 1985 hingga Disember 2001.

Y. Bhg. Ustaz Mohd Bakir b. Haji Mansor, aged 73, is a Malaysian citizen and is the Chairman of the Shariah Advisory Body (SAB) of Takaful Malaysia and was appointed on 1 July 2002.

He obtained the Shahadah Ulya (Highest Certificate) from Kolej Islam Malaya in 1965.

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 Religious Education Planning Officer at Development Community 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 from 1984 to 2001.

He was previously an Internal Research Fellow for 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 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 Advisory Committee of Amanah Ikhtiar Malaysia, the Chairman of BIMB Securities Sdn Bhd and the Chairman of the Shariah Advisory Committee of the Association of Islamic Banking Institutions Malaysia. Before being appointed as a member of SAB of Takaful Malaysia on 1 July 2002, he was the Secretary of SAB of Takaful Malaysia since its inception in 1985 to December 2001.

Y. Bhg. Ustaz Mohd Bakir B. Haji Mansor


Y. Bhg. Dr. Ahmad Shahbari @ Sobri B. Salamon

Y. Bhg. Dr. Ahmad Shahbari @ Sobri b. Salamon, aged 67, is a Malaysian citizen and is a member of the Shariah Advisory Body (SAB) of Takaful Malaysia and was appointed on 1 July 1985.

He graduated with a Bachelor of Arts degree in Shariah from the University of Al-Azhar, Egypt in 1970, a Master of Arts in International Studies from Fairleigh Dickenson University, USA in 1973 and a Doctor of Philosophy in History from New York University, USA in 1979.

He started his career in 1978 as a Lecturer at the Shariah Department, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia (UKM) prior to his secondment to the International Islamic University Malaysia (IIUM) from 1983 to 1984. Whilst with UKM, he was appointed as the Coordinator for the General Teachings from 1981 to 1982. In 1982, he served as the Acting Head of the Shariah Department. He was also the Programme Coordinator for Diploma and Certificate in Islamic Studies of UKM until 1983. He returned to UKM in 1984 as a Lecturer in the Shariah Department until 1985. He then became an Executive Director of Pusat Rawatan Islam (MAIS) from 1996 to 1999. At present, he is the Chairman of Pusrawi Corporation Sdn Bhd.

He has produced writings in educational, economy, Islamic banking and Islamic law, a total of 12 books, 7 translation bindery, 300 tv scripts and 40 paper works. He was also awarded ‘Tokoh Ulamak Bestari Negeri Selangor’ in 2000, ‘Tokoh Ma’al Hijrah Negeri Selangor’ in 2001 and a member of Religious Council of Selangor State for 21 years.

Y. Bhg. Dr. Ahmad Shahbari @ Sobri b. Salamon berusia 67 tahun, adalah warganegara Malaysia dan merupakan ahli Badan Penasihat Syariah (BPS) Takaful Malaysia dan telah dilantik pada 1 Julai 1985.

Beliau memperolehi Ijazah Sarjana Muda Sastera dalam Syariah, dari Universiti Al–Azhar, Mesir pada tahun 1970, Sarjana Sastera dalam Pengajian Antarabangsa dari Universiti Fairleigh Dickenson, Amerika Syarikat pada tahun 1973 dan kemudian melanjutkan pengajian di peringkat Ijazah Doktor Falsafah dalam Sejarah di Universiti New York, Amerika Syarikat pada tahun 1979.

Beliau memulakan kerjayanya pada tahun 1978 sebagai Pensyarah di Jabatan Syariah, Fakulti Pengajian Islam, Universiti Kebangsaan Malaysia (UKM) sebelum dipinjamkan ke Universiti Islam Antarabangsa (UIAM) dari tahun 1983 hingga 1984. Semasa di UKM, beliau telah dilantik sebagai Penyelaras bagi Pendidikan Umum dari tahun 1981 hingga 1982. Pada tahun 1982, beliau berkhidmat sebagai Pemangku Ketua Jabatan Syariah. Beliau juga merupakan Penyelaras Program Diploma dan Sijil Pengajian Islam UKM sehingga tahun 1983. Beliau kembali ke UKM pada tahun 1984 sebagai Pensyarah di Jabatan Syariah sehingga tahun 1985. Kemudian beliau menjadi Pengarah Eksekutif Pusat Rawatan Islam (MAIS) dari tahun 1996 hingga 1999. Kini, beliau merupakan Pengerusi Pusrawi Corporation Sdn Bhd.

Beliau telah menghasilkan tulisan dalam bidang pendidikan, ekonomi, perbankan Islam dan perundangan Islam sebanyak 12 buah buku, 7 jilid terjemahan, 300 skrip tv dan 40 kertas kerja. Beliau juga dianugerahkan sebagai ‘Tokoh Ulamak Bestari Negeri Selangor’ pada tahun 2000, ‘Tokoh Ma’al Hijrah Negeri Selangor’ pada tahun 2001 dan Ahli Majlis Agama Islam Negeri Selangor selama 21 tahun.

Profil Badan Penasihat Syariah

Shariah Advisory Body’s Profile




Y. Bhg. Datuk Abdul Hamid b. Said, berusia 71 tahun, adalah warganegara Malaysia dan merupakan ahli Badan Penasihat Syariah (BPS) Takaful Malaysia dan telah dilantik pada 8 Ogos 2005.

Beliau berkelulusan Barrister-At-Law dari Council of Legal Education, England pada tahun 1980.

Setelah tamat persekolahan di Sekolah Tinggi, Melaka pada tahun 1957, beliau telah menjalani latihan perguruan di Malayan Teachers College, Kirkby, Liverpool, England dari tahun 1959 sehingga 1960. Pada tahun 1961, beliau memulakan kerjayanya sebagai Pensyarah di Maktab Perguruan Brunei. Pada tahun 1964, beliau telah dipanggil pulang ke Malaysia dan bertugas sebagai guru di Sekolah Menengah Kebangsaan Melaka. Pada tahun 1973, beliau menyertai Kementerian Kebudayaan, Belia dan Sukan sebagai Pegawai Sukan. Dari tahun 1979 sehingga 1980, beliau telah menyambung pelajarannya di Council of Legal Education, London, England. Selepas tamat pengajiannya pada tahun 1981, beliau telah dilantik sebagai Peguam Persekutuan, Pejabat Peguam Negara. Beliau kemudiannya meletak jawatan untuk menjadi Pengamal Undang-Undang di Mahkamah Tinggi Malaya selama 14 tahun. Pada tahun 1998, beliau dilantik menjadi Pesuruhjaya Kehakiman, Mahkamah Tinggi Melaka. Pada tahun 2000, beliau ditukarkan ke Mahkamah Tinggi Kuala Lumpur di mana beliau dilantik sebagai Hakim Mahkamah Tinggi Malaya. Beliau bersara pada tahun 2003. Pada tahun yang sama, beliau dilantik menjadi Pengerusi Lembaga Disiplin Peguamcara dan Peguambela selama dua tahun. Beliau juga merupakan Fellow Kanan Akademik di Universiti Islam Antarabangsa Malaysia sehingga 2006.

Kini beliau memegang jawatan sebagai ahli Lembaga Pengarah IJN College Sdn Bhd dan ahli Jawatankuasa Pematuhan Risiko Institut Jantung Negara.

Y. Bhg. Datuk Abdul Hamid b. Said, aged 71, is a Malaysian citizen and is a member of the Shariah Advisory Body (SAB) of Takaful Malaysia and was appointed on 8 August 2005.

He obtained the Barrister-At-Law from the Council of Legal Education, England in 1980.

After completing his secondary education at Malacca High School in 1957, he underwent training at the Malayan Teachers College, Kirkby, Liverpool, England from 1959 to 1960. In 1961, he started his career as a Lecturer in the Teachers Training College Brunei. In 1964, he was called back to Malaysia and served as a teacher at Sekolah Menengah Kebangsaan Melaka. In 1973, he joined Kementerian Kebudayaan Belia dan Sukan as a Sports Officer. From 1979 to 1980, he continued his studies in the Council of Legal Education, London, England. Upon completion in 1981, he was appointed as a Federal Council at the Attorney General Chambers. He resigned to become a Law Practitioner in the High Court of Malaya for 14 years. In 1998, he was appointed as Judicial Commissioner in Malacca High Court. In 2000, he was transferred to the Kuala Lumpur High Court where he was appointed as a Judge in the High Court of Malaya. He retired in 2003. In the same year, he was appointed as the Chairman of the Advocate & Solicitor Disciplinary Body for two years. He also served as Senior Academic Fellow at the International Islamic University Malaysia until 2006.

Presently, he is a Director of IJN College Sdn Bhd and a member of Risk Compliance of Institut Jantung Negara.

Y. Bhg. Datuk Abdul Hamid B. Said


Y. Bhg. Dr. Aida Bt. Othman

Y. Bhg. Dr. Aida bt. Othman aged 40, is a Malaysian citizen and is a member of the Shariah Advisory Body (SAB) of Takaful Malaysia and was appointed on 6 March 2008.

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 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 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 Teaching Fellow until 2003 and 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.

Y. Bhg. Dr. Aida bt. Othman berusia 40 tahun, adalah warganegara Malaysia dan merupakan ahli Badan Penasihat Syariah (BPS) Takaful Malaysia dan telah dilantik pada 6 Mac 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.




Jawatankuasa PengurusanManagement Committee


Puan Azian bt. KassimKetua Pegawai Pelaburan/Chief Investment Officer

Encik Nazrul Hisham b. Abdul HamidKetua Pegawai Audit Dalaman/Chief Internal Auditor

Encik Abdul Khalid b. SallehPengurus Besar, Jualan & Pemasaran/Bancatakaful/General Manager, Sales & Marketing/Bancatakaful

Puan Balilah bt. HassanPengurus Besar, Sumber Manusia/General Manager, Human Resource

Encik Lee Kok WahKetua Pegawai Kewangan/Chief Financial Officer

Encik Izzuddin b. TajudinKetua Pegawai Eksekutif/Chief Executive OfficerAsean Retakaful International (L) Ltd

Encik Mohamad Asri b. Hj. YusoffSetiausaha Syarikat/Pengurus Besar, Hal Ehwal Korporat/Company Secretary/General Manager, Corporate Affairs


Laporan Jawatankuasa AuditAudit Committee report

The Board of Directors of Syarikat Takaful Malaysia Berhad (“Takaful Malaysia”) is pleased to present the Audit Committee Report for the financial year under review.

The Audit Committee (“Committee”) was established on 6 March 1990 to appraise Takaful Malaysia’s financial structure, internal control system, strategic planning, implementation of audit function and to propose applicable decisions in ensuring a high standard of corporate responsibility, integrity and accountability to shareholders in line with the corporate governance and disclosure standards expected from that of a public listed company in Malaysia.

MEMBERSHIP AND MEETINGS

The Committee currently comprises four (4) members, three (3) of whom are Independent Non-Executive Directors. The details of members and meetings held during the financial year ended 30 June 2009 are as follows:

Name of Audit No. of MeetingsCommittee Members Held Attended

Encik Mahadzir b. Azizan (Chairman) 4* 4(Independent Non-Executive Director)

Y. A. M. Tengku Azman Ibni 9 9Almarhum Sultan Abu Bakar (Independent Non-Executive Director)

Puan Rozaida bt. Omar 9 9(Non-Independent Non-Executive Director)

Y. Bhg. Dato’ Sulaiman b. Mohd Yusof 9 9(Independent Non-Executive Director)

Note: *Encik Mahadzir b. Azizan was appointed as the Chairman/Member of the Audit Committee effective from 15 January 2009. Therefore, the number of meetings held and attended reflect only those meetings held and attended after his appointment as the Chairman/Member of Audit Committee on 15 January 2009.

Puan Rozaida bt. Omar is a member of the Malaysian Institute of Accountants (“MIA”). Thus, Takaful Malaysia complies with Paragraph 15.09 (1)(c)(i) of the Main Market Listing Requirements (“Listing Requirements”) of Bursa Malaysia Securities Berhad (“Bursa Malaysia”) which stipulate that at least one (1) member of the Committee must be a member of the MIA.

Lembaga Pengarah Syarikat Takaful Malaysia Berhad (“Takaful Malaysia”) dengan berbesar hati membentangkan Laporan Jawatankuasa Audit bagi tahun kewangan yang dikaji.

Jawatankuasa Audit (“Jawatankuasa”) telah ditubuhkan pada 6 Mac 1990 untuk menilai struktur kewangan, sistem kawalan dalaman, perancangan strategik dan pelaksanaan fungsi audit Takaful Malaysia dan untuk mencadangkan keputusan yang boleh dilaksanakan bagi memastikan piawaian tanggungjawab korporat, kewibawaan dan kebertanggungjawaban kepada para pemegang saham yang tinggi, selaras dengan piawaian urus tadbir dan pendedahan yang dikehendaki daripada sebuah syarikat senarai awam di Malaysia.

KEAHLIAN DAN MESYUARAT

Jawatankuasa terdiri daripada empat (4) orang ahli, tiga (3) daripada mereka adalah Pengarah Bukan Eksekutif Bebas. Maklumat terperinci mengenai ahli dan mesyuarat yang diadakan sepanjang tahun kewangan berakhir 30 Jun 2009 adalah seperti berikut:

Nama Ahli Bil. MesyuaratJawatankuasa Audit Diadakan Dihadiri

Encik Mahadzir b. Azizan (Pengerusi) 4* 4(Pengarah Bukan Eksekutif Bebas)

Y. A. M. Tengku Azman Ibni 9 9Almarhum Sultan Abu Bakar (Pengarah Bukan Eksekutif Bebas)

Puan Rozaida bt. Omar 9 9(Pengarah Bukan Eksekutif Bukan Bebas)

Y. Bhg. Dato’ Sulaiman b. Mohd Yusof 9 9(Pengarah Bukan Eksekutif Bebas) Nota: *Encik Mahadzir b. Azizan telah dilantik sebagai Pengerusi/Ahli Jawatankuasa Audit berkuatkuasa dari 15 Januari 2009. Oleh yang demikian, bilangan mesyuarat yang diadakan dan yang dihadiri hanya menunjukkan mesyuarat yang diadakan dan dihadiri selepas pelantikan beliau sebagai Pengerusi/ Ahli Jawatankuasa Audit pada 15 Januari 2009.

Puan Rozaida bt. Omar adalah ahli Institut Akauntan Malaysia (“MIA”). Oleh itu, Takaful Malaysia telah mematuhi Perenggan 15.09(1)(c)(i) Keperluan Penyenaraian Pasaran Utama (“Keperluan Penyenaraian”) Bursa Malaysia Securities Berhad (“Bursa Malaysia”) yang menggariskan bahawa sekurang-kurangnya seorang (1) ahli Jawatankuasa mestilah merupakan ahli MIA.


Jawatankuasa telah bermesyuarat sebanyak sembilan (9) 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/Ketua Bahagian Kewangan dan Ketua Audit Dalaman selalunya menghadiri mesyuarat tersebut. Dalam tahun kewangan berakhir 30 Jun 2009, Pengarah Urusan Kumpulan, Ketua Pegawai Kewangan/Ketua Bahagian Kewangan dan Ketua Audit Dalaman menghadiri kesemua mesyuarat yang diadakan.

TERMA RUJUKAN

KomposisiAhli Jawatankuasa hendaklah dilantik oleh Lembaga Pengarah daripada kalangan mereka dan hendaklah terdiri daripada sekurang-kurangnya tiga (3) orang ahli, di mana kesemuanya hendaklah terdiri dari Pengarah Bukan Eksekutif dengan majoritinya adalah Pengarah Bebas. Seorang Pengarah Bukan Eksekutif Bebas hendaklah merupakan ahli yang memenuhi keperluan seperti yang diperuntukkan dalam Keperluan Penyenaraian Bursa Malaysia dan garis panduan Bank Negara Malaysia (“BNM”).

Sekurang-kurangnya seorang (1) ahli Jawatankuasa:1) mestilah merupakan ahli MIA; atau2) jika beliau bukan ahli MIA, beliau mestilah mempunyai

pengalaman bekerja sekurang-kurangnya selama tiga (3) tahun dan:

(a) beliau mestilah lulus peperiksaan yang dinyatakan dalam Bahagian I Jadual Pertama Akta Akauntan 1967; atau

(b) beliau mestilah merupakan ahli salah sebuah persatuan akauntan yang dinyatakan dalam Bahagian II Jadual Pertama Akta Akauntan 1967; atau

3) memenuhi keperluan-keperluan lain yang digariskan atau diluluskan oleh Bursa Malaysia.

Ahli Jawatankuasa hendaklah melantik Pengerusi daripada kalangan mereka yang merupakan seorang Pengarah Bukan Eksekutif Bebas. Sekiranya seorang ahli Jawatankuasa meletak jawatan, meninggal dunia atau atas sebarang sebab tidak lagi menjadi ahli sehingga menyebabkan bilangan ahli kurang daripada tiga (3) orang, maka Lembaga Pengarah hendaklah melantik ahli baru dalam bilangan yang diperlukan untuk mencukupkan bilangan minimum ahli kepada tiga (3) orang dalam tempoh tiga (3) bulan dari peristiwa tersebut. Pengarah gantian tidak boleh dilantik sebagai ahli Jawatankuasa.

The Committee met nine (9) 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/Head of Finance Division and the Chief Internal Auditor normally attend the meetings. During the financial year ended 30 June 2009, the Group Managing Director, the Chief Financial Officer/ Head of Finance Division and the Chief Internal Auditor attended all the meetings held.

TERM OF REFERENCE

CompositionThe members of the Committee shall be appointed by the Board from amongst their numbers and shall comprise at least three (3) members, all of whom must be Non-Executive Directors with majority of them shall be Independent Directors. An Independent Non-Executive Director shall be the one who fulfils the requirements as provided in the Bursa Malaysia Listing Requirements and the guidelines of Bank Negara Malaysia (“BNM”).

At least one (1) member of the Committee:1) must be a member of the MIA; or2) 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 1st 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 1st Schedule of the Accountants Act 1967; or

3) fulfils such other requirements as prescribed or approved by Bursa Malaysia.

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.

Quorum and Committee’s ProceduresMeetings shall be conducted at least four (4) times annually or more frequently as circumstances dictate.

In order to form a quorum for the meeting, the majority of members present must be Independent Non-Executive Directors. In the absence of the Chairman, the members present shall elect a Chairman for 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 member 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.

AuthorityThe 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.


Lembaga Pengarah hendaklah mengkaji semula tempoh perkhidmatan dan prestasi Jawatankuasa Audit dan setiap ahlinya sekurang-kurangnya setiap tiga (3) tahun sekali bagi memastikan Jawatankuasa dan ahlinya telah menjalankan tugas-tugas mereka berdasarkan terma rujukan.

Korum dan Prosedur JawatankuasaMesyuarat hendaklah diadakan sekurang-kurangnya empat (4) kali setahun atau dengan lebih kerap, mengikut keperluan.

Bagi membentuk korum mesyuarat, majoriti ahli yang hadir mestilah merupakan Pengarah Bukan Eksekutif Bebas. Sekiranya Pengerusi tidak hadir, ahli-ahli yang hadir hendaklah melantik seorang Pengerusi bagi mesyuarat tersebut daripada kalangan ahli-ahli yang hadir.

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.

KuasaJawatankuasa 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


The Committee shall have direct communication channels with the internal and external auditors, the risk management personnel and with Senior Management of the Group and shall be able to convene meetings with the external auditors, the internal auditors or both, excluding the attendance of other directors and employees of the Company, whenever deemed necessary.

Where the Committee is of the view that a matter reported by it to the Board has not been satisfactorily resolved resulting in a breach of Bursa Malaysia Listing Requirements, the Committee shall promptly report such matter to the Bursa Malaysia.

Duties and ResponsibilitiesThe primary function of the Committee is to assist the Board to assess the Group’s processes relating to its risks and control environment, oversee financial reporting and evaluate the internal and external audit processes.

Therefore, the duties and responsibilities of the Committee are as follows:

• 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 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 internal audit programme, processes, the results of the internal audit programme, processes or investigation undertaken and whether or not appropriate action is taken on the recommendations of the internal auditor.

• 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 assistance given by the Group’s employees to the auditors, and any difficulties encountered in the course


nasihat perundangan atau profesional bebas luar lain yang dianggap perlu, dengan perbelanjaan ditanggung oleh Takaful Malaysia.

Jawatankuasa hendaklah mempunyai saluran komunikasi secara langsung dengan juruaudit dalaman dan juruaudit luar, kakitangan pengurusan risiko dan dengan Pengurusan Kanan Kumpulan dan boleh mengadakan mesyuarat dengan juruaudit luar, juruaudit dalaman atau kedua-duanya sekali, tanpa dihadiri oleh para pengarah dan kakitangan Syarikat, bila-bila dianggap perlu.

Sekiranya Jawatankuasa berpendapat bahawa sebarang perkara yang dilaporkan olehnya kepada Lembaga Pengarah masih belum diselesaikan dengan memuaskan sehingga menyebabkan pelanggaran Keperluan Penyenaraian Bursa Malaysia, Jawatankuasa hendaklah melaporkan dengan segera perkara tersebut kepada Bursa Malaysia.

Tugas dan TanggungjawabFungsi utama Jawatankuasa adalah untuk membantu Lembaga Pengarah dalam menilai proses Kumpulan berkaitan dengan risiko dan persekitaran kawalannya, mengawasi laporan kewangan dan menilai proses audit dalaman dan luar.

Oleh yang demikian, tugas dan tanggungjawab Jawatankuasa adalah seperti berikut:

• mengkaji dengan juruaudit luar dan melaporkan kepada Lembaga Pengarah, skop dan pelan audit, termasuk sebarang perubahan kepada skop yang dirancang bagi pelan audit 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 program dan proses audit dalaman, keputusan program, proses atau penyiasatan audit dalaman yang dilaksanakan dan sama ada tindakan yang sewajarnya telah diambil berdasarkan syor-syor yang dikemukakan oleh juruaudit dalaman.

• 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


of the audit work, including any restrictions on the scope of activities or access to required information.

• to review the independence and objectivity of the external auditors and their services, including non-audit services and the professional fees, so as to ensure a proper balance between objectivity and value for money.

• to review the appointment, performance, audit fees and any question regarding the resignation or dismissal of external auditors before making recommendations to the Board.

• to review the quarterly and year end financial statements, before the approval by the Board, focusing particularly on:

- changes in or implementation of major accounting policy and practice;

- significant adjustments and unusual event arising from the audit;

- the going concern assumption; and - compliance with accounting standards, Bursa Malaysia

and other legal requirements.

• to discuss problems and reservations arising from the interim and final audits, and any matter the auditor may wish to discuss (in the absence of Management where necessary);

• to review whether there is a reason (supported by grounds) to believe that the Company’s external auditors is not suitable for the re-appointment.

• to review the Internal Audit Charter, budget and staffing of the Internal Audit Division.

• to review any appraisal or assessment of the performance of members of the internal audit function.

• to approve any appointment or termination of senior staff members of the internal audit function.

• to take cognizance of resignations of internal audit staff members and provide the resigning staff member an opportunity to submit his reasons for resigning.

• to review the adequacy and integrity of internal controls, the internal audit findings, and recommend action to be taken by Management. The reports of the internal auditors and the Committee should not be subject to the clearance


dan juruaudit dalaman termasuk status syor-syor audit yang terdahulu.

• mengkaji kerjasama yang diberi oleh kakitangan Kumpulan kepada juruaudit dan sebarang masalah yang dihadapi dalam menjalankan kerja audit, termasuk sebarang sekatan dalam skop aktiviti atau akses untuk mendapatkan maklumat yang diperlukan.

• mengkaji kebebasan dan objektif juruaudit luar dan khidmat mereka, termasuk khidmat bukan audit dan yuran profesional, bagi memastikan keseimbangan objektif dan nilai wang.

• mengkaji pelantikan, prestasi, yuran audit dan sebarang persoalan berhubung peletakan jawatan atau pemecatan juruaudit luar sebelum memberi cadangan kepada Lembaga Pengarah.

• mengkaji keputusan suku tahunan dan penyata kewangan akhir tahun, sebelum kelulusan Lembaga Pengarah dengan menumpu terutamanya kepada:

- perubahan atau pelaksanaan dasar dan praktis perakaunan utama;

- pelarasan ketara dan peristiwa penting dan luar biasa timbul dari audit;

- andaian perniagaan berterusan; dan - pematuhan kepada standard kewangan, Bursa

Malaysia dan keperluan undang-undang.

• membincangkan masalah dan persoalan yang wujud dari audit interim dan akhir dan sebarang perkara yang ingin dibincangkan oleh juruaudit (tanpa kehadiran pihak Pengurusan jika perlu);

• mengkaji sama ada terdapat sebarang alasan (dengan disokong oleh sebab-sebab tertentu) untuk mempercayai bahawa juruaudit luar Syarikat tidak sesuai untuk dilantik semula.

• mengkaji Piagam Audit Dalaman, belanjawan dan komposisi kakitangan Bahagian Audit Dalaman.

• mengkaji sebarang pencapaian dan penilaian terhadap prestasi ahli fungsi audit dalaman.

• meluluskan sebarang pelantikan atau pemecatan kakitangan kanan ahli audit dalaman.

• menyedari peletakan jawatan kakitangan audit dalaman dan memberi peluang kepada mereka menyatakan sebab peletakan jawatannya.


of the Chief Executive Officer/Group Managing Director and Executive Directors.

• to direct and where appropriate supervise any special projects or investigation considered necessary, and review investigation report on any major defalcation, frauds and thefts.

• to ensure that the accounts are prepared in a timely and accurate manner with frequent reviews of the adequacy of provisions against contingencies, and bad and doubtful debts.

• to ensure prompt publication of annual financial statements/report.

• to review any related party transaction and conflict of interest situation that may arise within the Company or the Group, including any transaction, procedure or course of conduct that raises questions of management integrity.

• to perform any other functions as may be agreed by the Board.

SUMMARY OF ACTIVITIES OF THE COMMITTEE

The following activities were undertaken by the Committee during the financial year under review:

• Reviewed and monitored with the external auditors, the results and progress of the audit for the financial year ended 30 June 2008, the audit report and the Management letter, including Management’s response thereto.

• Discussed the re-appointment of external auditors for the financial year ended 30 June 2009.

• Reviewed the external auditors’ scope of work and audit plans for the financial year ended 30 June 2009. 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 Division’s audit plan, programmes and resources requirements for the financial year under review.


• mengkaji kecukupan dan kewibawaan kawalan dalaman, penemuan audit dalaman dan mencadangkan tindakan yang perlu diambil oleh Pengurusan. Laporan juruaudit dalaman dan Jawatankuasa tidak harus tertakluk kepada kebenaran dari Ketua Pegawai Eksekutif/Pengarah Urusan Kumpulan dan Pengarah Eksekutif.

• mengarah dan sekiranya wajar, menyelia sebarang projek atau siasatan khas jika perlu, dan mengkaji laporan siasatan berkenaan sebarang penyalahgunaan, penipuan dan kecurian yang besar.

• memastikan akaun disediakan tepat pada masanya dan dengan cara yang tepat dengan kajian secara kerap terhadap kecukupan peruntukan bagi luar jangka, dan hutang lapuk dan hutang ragu.

• memastikan penerbitan penyata/laporan kewangan tahunan yang menepati masa.

• mengkaji sebarang urusniaga pihak berkaitan dan situasi konflik kepentingan yang mungkin timbul dalam Syarikat atau Kumpulan, termasuk sebarang urusniaga, prosedur atau tatacara yang menimbulkan persoalan terhadap kewibawaan pihak Pengurusan.

• melaksanakan sebarang fungsi lain yang mungkin dipersetujui oleh Lembaga Pengarah.

RINGKASAN AKTIVITI JAWATANKUASA

Aktiviti-aktiviti berikut telah dijalankan oleh Jawatankuasa sepanjang tahun kewangan yang dikaji:

• Mengkaji dan memantau dengan juruaudit luar, keputusan dan perkembangan audit bagi tahun kewangan berakhir 30 Jun 2008, laporan audit dan surat Pengurusan, termasuk tindakan Pengurusan berkaitannya.

• Berbincang mengenai pelantikan semula juruaudit luar bagi tahun kewangan berakhir 30 Jun 2009.

• Mengkaji skop kerja dan rancangan audit juruaudit luar bagi tahun kewangan berakhir 30 Jun 2009. 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


• Reviewed the internal audit reports and special audit reports for Takaful Malaysia and its subsidiaries, 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.

• Reviewed follow-up reports by the internal auditors on external auditors’ findings as set out in the Management letter and status of actions taken by the Management on issues raised by the external auditors.

• Reviewed Management report on disciplinary cases of its employees.

• Monitored the progress of the Internal Audit Division in completing its audit within the stipulated time frame.

• Examined the adequacy of the skills, knowledge and core competencies of the internal auditors.

• Reviewed the audited financial statements of the Company prior to submission to the Board for their consideration and approval. The review was to ensure that the audited financial statements were drawn up in accordance with the provisions of the Companies Act 1965 and the applicable approved accounting standards.

• Reviewed the Company’s compliance in particular the quarterly and the year end financial statements with Bursa Malaysia Listing Requirements, Capital Markets and Services Act 2007, BNM Guidelines, applicable approved accounting standards and other relevant legal and regulatory requirements.

• Reviewed the Compliance reports on the level of compliance with Regulators’ requirements, laws and Acts.

• Discussed the implementation of new requirements set forth by the Regulators.


dan Pemegang Saham tanpa kehadiran ahli Lembaga Pengarah Eksekutif dan pihak Pengurusan.

• Mengkaji pelan audit, program dan keperluan sumber Bahagian Audit Dalaman bagi tahun kewangan yang dikaji.

• Mengkaji laporan audit dalaman dan audit khas untuk Takaful Malaysia dan subsidiarinya 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.

• Mengkaji laporan susulan oleh juruaudit dalaman berhubung isu-isu yang dibangkitkan berdasarkan penemuan daripada pemeriksaan oleh BNM dan status tindakan yang diambil oleh pihak Pengurusan mengenai isu yang dibangkitkan oleh BNM.

• Mengkaji laporan susulan oleh juruaudit dalaman berhubung isu yang dibangkitkan dalam surat Pengurusan oleh juruaudit luar dan status tindakan yang diambil oleh pihak Pengurusan mengenai isu tersebut.

• Mengkaji laporan pihak Pengurusan mengenai kes-kes disiplin kakitangan.

• Memantau perkembangan Bahagian Audit Dalaman dalam menyelesaikan auditnya dalam tempoh yang telah ditetapkan.

• Memeriksa kecukupan kemahiran, pengetahuan dan daya saing teras juruaudit dalaman.

• Mengkaji penyata kewangan Syarikat yang telah diaudit sebelum diserahkan kepada Lembaga Pengarah bagi pertimbangan dan kelulusan mereka. Kajian ini adalah untuk memastikan supaya penyata kewangan yang telah diaudit disediakan mengikut peruntukan Akta Syarikat 1965 dan piawaian perakaunan berkaitan yang diluluskan.

• Mengkaji pematuhan Syarikat terhadap Keperluan Penyenaraian Bursa Malaysia, Akta Pasaran dan Perkhidmatan Modal 2007, Garis Panduan BNM, piawaian


• Reviewed the reports on Anti Money Laundering.

• Reviewed the quarterly unaudited financial results announcements before recommending them for the Board’s approval.

• Reviewed related party transactions within the Group.

• Reviewed the disclosure statements in the Annual Report such as Corporate Governance Statement, Statement on Internal Control and Audit Committee Report in compliance with Bursa Malaysia Listing requirements.

• Advised and guided the conduct of investigation into any activity or matter within its terms of reference.

• In respect of the Company’s Employees’ Share Option Scheme (ESOS), there was no allocation of options in the year for the Committee to review and the ESOS has expired on 2 November 2008.

INTERNAL AUDIT FUNCTION AND ACTIVITIES

The Internal Audit Division is independent of the activities or operations of other operating units and reports directly to the Audit Committee. The principal role of the division is to undertake independent regular and systematic reviews of the systems of internal controls so as to provide reasonable assurance that such systems continue to operate satisfactorily and effectively. The internal audit practices a risk-based approach in its audit plan and examination.

It is the responsibility of the Internal Audit Division to provide the Committee with independent and objective reports on the state of internal control of the various operating units within the Group and the extent of compliance of the units with the Group’s established policies and procedures as well as relevant statutory requirements.

The following activities were undertaken by the Internal Audit Division during the financial year under review:

• Prepared audit rating methodology in assessing and rating the risk levels of the various auditable areas for the Committee’s consideration.

• Prepared annual audit plan of departments, branches, subsidiaries as well as IT for the Committee’s consideration.


perakaunan berkaitan yang diluluskan dan keperluan-keperluan perundangan dan penguatkuasaan lain, terutamanya bagi penyata kewangan suku tahunan dan akhir tahun.

• Mengkaji laporan Pematuhan mengenai tahap pematuhan dengan keperluan Pihak Penguatkuasa, undang-undang dan Akta.

• Membincangkan pelaksanaan keperluan-keperluan baru yang digariskan oleh Pihak Penguatkuasaan.

• Mengkaji laporan berhubung Pencegahan Penggubahan Wang Haram.

• Mengkaji pengumuman keputusan kewangan suku tahunan yang belum diaudit sebelum disyorkan kepada Lembaga Pengarah untuk kelulusan.

• Mengkaji urusniaga pihak yang berkaitan dalam Kumpulan.

• Mengkaji penyata pendedahan dalam Laporan Tahunan seperti Penyata Urus Tadbir Korporat, Penyata Kawalan Dalaman dan Laporan Jawatankuasa Audit dalam mematuhi Keperluan Penyenaraian Bursa Malaysia.

• Menasihat dan membimbing perjalanan penyiasatan di dalam sebarang aktiviti atau perkara dalam bidang rujukannya.

• Berhubung Skim Opsyen Saham Kakitangan Syarikat (“Skim”), tiada sebarang peruntukan opsyen untuk dikaji oleh Jawatankuasa pada tahun ini dan Skim telah tamat tempoh pada 2 November 2008.

FUNGSI DAN AKTIVITI AUDIT DALAMAN

Bahagian Audit Dalaman adalah bebas daripada aktiviti atau operasi unit-unit operasi lain dan melapor terus kepada Jawatankuasa Audit. Peranan utama bahagian ini adalah untuk menjalankan kajian sistem kawalan dalaman secara bebas, kerap dan sistematik supaya dapat memberi jaminan yang sewajarnya bahawa sistem tersebut mampu terus beroperasi secara berkesan dan memuaskan. Audit dalaman mengamalkan pendekatan berasaskan risiko dalam rancangan audit dan pemeriksaannya.

Adalah menjadi tanggungjawab Bahagian Audit Dalaman untuk menyediakan laporan bebas dan objektif kepada Jawatankuasa tentang status kawalan dalaman di pelbagai unit operasi dalam Kumpulan serta tahap pematuhan unit-unit tersebut terhadap dasar dan prosedur Kumpulan serta terhadap keperluan berkanun yang berkaitan.


• Conducted audits on departments, branches, subsidiaries, etc. as set out in the Audit Plan.

• Rendered advisory services to subsidiary company and management of Company.

• Conducted follow-up audit on status of actions taken by the Management on recommendations suggested in audit findings of internal auditors, external auditors, BNM examiners, etc.

• Conducted ad-hoc audits and investigations on special cases.

• Conducted reviews on IT system implementation before embarking into production.

• Participated in the Company’s system migration project/activities.

• Participated in tender and selection process in the capacity of an observer.

• Coordinated the revision exercise on Limit of authority and Standard Operating Procedures via its compliance function.

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 RM1.2 million comprising mainly salaries, travelling and accommodation expenses and subsistence allowance for audit assignments.


Aktiviti-aktiviti berikut telah dijalankan oleh Bahagian Audit Dalaman dalam tahun kewangan yang dikaji:

• Menyediakan kaedah penarafan audit dalam menilai dan memberi penarafan kepada tahap risiko di pelbagai bahagian yang boleh diaudit untuk pertimbangan Jawatankuasa.

• Menyediakan pelan audit tahunan bagi jabatan, cawangan, subsidiari serta IT untuk pertimbangan Jawatankuasa.

• Menjalankan audit ke atas jabatan, cawangan, subsidiari dan sebagainya seperti yang dinyatakan dalam Pelan Audit.

• Memberi khidmat nasihat kepada subsidiari dan Pengurusan Syarikat.

• 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 audit ad-hoc dan penyiasatan ke atas kes-kes khas.

• Menjalankan kajian ke atas pelaksanaan sistem IT sebelum ianya dilaksanakan.

• Menyertai projek/aktiviti berkaitan dengan migrasi sistem Syarikat.

• Menjadi pemerhati dalam tender dan proses pemilihannya.

• Menyelaras pelaksanaan semakan semula ke atas Had kuasa dan Prosedur Operasi Piawai melalui fungsi pematuhannya.

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 sebanyak RM1.2 juta merangkumi sebahagian besarnya adalah gaji, elaun perjalanan dan penginapan dan elaun sara hidup bagi menjalankan tugasan audit.


Penyata urus Tadbir KorporatCorporate Governance Statement

The Board of Directors (“the Board”) of Syarikat Takaful Malaysia Berhad (“Takaful Malaysia”) continues to subscribe and fully support the Malaysian Code of Corporate Governance (“the Code”) and is committed to ensure that the Principles of Corporate Governance and Best Practices are observed and practised throughout the Group so that the affairs of the Group are conducted with professionalism, accountability and integrity with the objective of safeguarding and enhancing shareholders’ value and financial performance of the Group.

The Board is pleased to report on the application of the Principles of the Code and the extent of compliance with the Best Practices of the Code as required under the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Malaysia Listing Requirements”) during the financial year under review.

DIRECTORS

The Board of Directors The Board is responsible for the overall corporate governance of the Group and is also entrusted with the responsibility of exercising reasonable care of the Company as well as Group’s resources in the best interests of its shareholders and in ensuring the proper conduct of business.

Board MeetingsBoard meetings are scheduled in advance at the beginning of a calendar year with additional meetings convened when necessary. Nine (9) Board meetings were held during the financial year under review with details of meetings’ attendance of each Director as follows:

Lembaga Pengarah Syarikat Takaful Malaysia Berhad (“Takaful Malaysia”) terus mematuhi dan menyokong sepenuhnya Kod Urus Tadbir Korporat Malaysia (“Kod”) dan sentiasa komited dalam memastikan supaya Prinsip-prinsip dan Amalan Terbaik Urus Tadbir Korporat dipatuhi dan diamalkan oleh keseluruhan Kumpulan bagi membolehkan urus selia hal-ehwal Kumpulan dikendalikan secara profesional, bertanggungjawab dan berwibawa dengan objektif untuk melindungi dan mempertingkatkan nilai pelaburan pemegang saham dan prestasi kewangan Kumpulan.

Lembaga Pengarah dengan ini berbesar hati melaporkan pelaksanaan penggunaan Prinsip-prinsip Kod dan sejauh mana Kumpulan telah mematuhi Kod Amalan Terbaik sebagaimana yang ditetapkan menurut Keperluan Penyenaraian Pasaran Utama Bursa Malaysia Securities Berhad (“Keperluan Penyenaraian Bursa Malaysia”) sepanjang tahun kewangan yang dikaji.

PENGARAH

Lembaga PengarahLembaga Pengarah bertanggungjawab terhadap keseluruhan aspek urus tadbir korporat Kumpulan dan juga diamanahkan dengan tanggungjawab dalam melaksanakan penjagaan yang sewajarnya ke atas Syarikat serta sumber-sumber Kumpulan bagi memelihara kepentingan para pemegang saham dan memastikan pengurusan perniagaan yang sewajarnya.

Mesyuarat Lembaga PengarahMesyuarat 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:

Nama/Name Kehadiran/ Peratus (%)/ Attendance Percentage (%)

Y. Bhg. Tan Sri Dr. Hadenan b. A. Jalil 9/9 100(Pengarah Bukan Eksekutif Bukan Bebas/Non-Independent Non-Executive Director)(Meletak jawatan pada 16 Julai 2009/Resigned on16 July 2009)

Y. Bhg. Dato’ Mohamed Hassan b. Md Kamil 9/9 100(Pengarah Eksekutif Bukan Bebas/Non-Independent Executive Director)

Y. A. M. Tengku Azman Ibni Almarhum Sultan Abu Bakar 9/9 100(Pengarah Bukan Eksekutif Bebas/Independent Non-Executive Director)

Puan Rozaida bt. Omar 9/9 100(Pengarah Bukan Eksekutif Bukan Bebas/Non-Independent Non-Executive Director)

Encik Mahadzir b. Azizan 9/9 100(Pengarah Bukan Eksekutif Bebas/Independent Non-Executive Director)


Nama/Name Kehadiran/ Peratus (%)/ Attendance Percentage (%)

Y. Bhg. Dato’ Sulaiman b. Mohd Yusof 9/9 100(Pengarah Bukan Eksekutif Bebas/Independent Non-Executive Director)

Encik Johan b. Abdullah 8/8 100(Pengarah Bukan Eksekutif Bukan Bebas/Non-Independent Non-Executive Director)(Dilantik pada 15 Ogos 2008/Appointed on 15 August 2008)

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 BalanceDuring the financial year under review, the Board comprises the following:

Semua Pengarah memiliki latar belakang pengalaman kerja yang luas dalam pelbagai bidang, dan dengan ini membolehkan mereka membuat pertimbangan yang sewajarnya dalam melaksanakan tugas mereka.

Keseimbangan Lembaga PengarahSepanjang tahun kewangan yang dikaji, Lembaga Pengarah terdiri daripada:

Nama/Name Komposisi/ Peratus (%)/ Composition Percentage (%)

Pengarah Eksekutif Bukan Bebas/Non-Independent Executive Director 1/7 14.2%

Pengarah Bukan Eksekutif Bukan Bebas/Non-Independent Non-Executive Directors 3/7 42.9%

Pengarah Bukan Eksekutif Bebas/Independent Non-Executive Directors 3/7 42.9%

* The above composition is before the resignation of Y. Bhg. Tan Sri Dr Hadenan b. A. Jalil on 16 July 2009.

The above composition is in compliance with Bursa Malaysia Listing Requirements which require that one third (1/3) of Directors of Takaful Malaysia to be Independent Directors.

The Board with their different backgrounds and specializations, collectively bring with them a wide range of experience and expertise in areas such as finance, insurance, actuary, accounting, company secretarial, legal, management and banking. The profiles of the Directors are provided on pages 16 to 21 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.

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.

* Komposisi di atas adalah sebelum peletakan jawatan oleh Y. Bhg. Tan Sri Dr Hadenan b. A. Jalil pada 16 Julai 2009.

Komposisi di atas mematuhi Keperluan Penyenaraian Bursa Malaysia yang mewajibkan satu pertiga (1/3) daripada para Pengarah Takaful Malaysia terdiri daripada Pengarah Bebas.

Lembaga Pengarah yang mempunyai pelbagai latar belakang dan kepakaran khusus, secara kolektifnya membawa bersama mereka pengalaman dan kepakaran yang luas dalam bidang-bidang seperti kewangan, insurans, aktuari, perakaunan, kesetiausahaan syarikat, perundangan, pengurusan dan perbankan. Profil ahli Lembaga Pengarah ada dibentangkan di mukasurat 16 hingga 21 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.



The Code recommends the appointment of a senior independent non-executive Director to whom concerns may be conveyed by other Board members. However, given the high caliber and standing of the individual members of the Board and the separation of the roles of the Chairman and Group Managing Director, the Board currently does not consider it necessary to nominate a designated senior independent non-executive Director.

Board CommitteesTo enable the Board to discharge its duties effectively whilst enhancing business and operational efficacy, the Board delegates certain responsibilities to four (4) Board Committees, namely:

• Audit Committee• Nomination Committee• Remuneration Committee; and• Risk Management Committee

All Committees have clear written terms of reference and the Board receives reports of their proceedings and deliberations. The Chairman of the various Committees will report to the Board the outcome of their meetings and such reports are incorporated in the minutes of the Board Meeting.

The Committees’ membership are based on Directors’ skills and experience as well as their ability to add value to the Committees.

Shariah Advisory BodyThe Shariah Advisory Body is entrusted by the Board to ensure that the Group’s operations and products offered are in accordance with Shariah requirements. 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 Department. Thereon, the said matters are brought to the attention of the Board for an informed decision making.

The Shariah Advisory Body currently consists of four (4) members, all of whom have the necessary experiences and expertise in their respective fields. The current Chairman of the Shariah Advisory Body is Y. Bhg. Ustaz Mohd Bakir b. Haji Mansor. The Shariah Advisory Body meets four (4) times during the financial year.


Kod ada mengesyorkan pelantikan Pengarah Bukan Eksekutif Bebas Kanan di mana sebarang kemusykilan boleh dirujuk oleh ahli Lembaga Pengarah yang lain. Walau bagaimanapun, memandangkan setiap ahli Lembaga Pengarah adalah berkaliber tinggi dan peranan yang berbeza antara Pengerusi dan Pengarah Urusan Kumpulan, buat masa ini Lembaga Pengarah menganggap adalah tidak perlu untuk melantik Pengarah Bukan Eksekutif Bebas Kanan yang khusus.

Jawatankuasa Lembaga PengarahDalam memastikan Lembaga Pengarah melaksanakan tugas mereka dengan lebih berkesan di samping meningkatkan perniagaan dan kecekapan operasi, Lembaga Pengarah mengagihkan tanggungjawab tertentu kepada empat (4) Jawatankuasa Lembaga Pengarah, iaitu:

• Jawatankuasa Audit• Jawatankuasa Pemilihan• Jawatankuasa Ganjaran; dan• Jawatankuasa Pengurusan Risiko

Setiap Jawatankuasa mempunyai terma rujukan bertulis yang jelas dan Lembaga Pengarah menerima laporan bagi setiap persidangan dan pertimbangan Jawatankuasa tersebut. Pengerusi bagi setiap Jawatankuasa akan melaporkan kepada Lembaga Pengarah setiap keputusan dari mesyuarat yang dijalankan dan laporan tersebut akan dimasukkan ke dalam minit Mesyuarat Lembaga Pengarah.

Keahlian Jawatankuasa adalah bergantung kepada kemahiran dan pengalaman seseorang Pengarah serta kebolehan mereka memberi nilai tambah kepada Jawatankuasa.

Badan Penasihat SyariahBadan Penasihat Syariah telah diberi kepercayaan oleh Lembaga Pengarah bagi memastikan operasi dan produk yang ditawarkan oleh Kumpulan adalah berlandaskan keperluan 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 Jabatan Syariah. Kemudian, perkara tersebut akan dibawa kepada Lembaga Pengarah untuk memaklumkan keputusan yang telah dibuat.

Badan Penasihat Syariah terdiri daripada empat (4) orang ahli di mana kesemuanya mempunyai pengalaman dan kepakaran yang diperlukan di dalam bidang masing-masing. Y. Bhg. Ustaz Mohd Bakir b. Haji Mansor merupakan Pengerusi Badan Penasihat Syariah sekarang. Empat (4) mesyuarat Badan Penasihat Syariah telah diadakan sepanjang tahun kewangan.


Supply of Information to the BoardThe Board has full and timely access to information with Board papers distributed in advance of meetings to enable the Directors to obtain further explanation, where necessary, in order to be properly briefed before the meetings. The Board papers include the minutes of previous Board meeting, minutes of meetings of all Committees of the Board and reports relevant to the issues of the meetings covering areas such as financial, investment, information technology, operational, human resource and regulatory compliance matters. The Group Managing Director keeps the Board informed, on timely basis, of all material matters affecting the Group’s performance and major developments within the Group.

All the Board members have unrestricted access to timely and accurate information and access to the advice and services of the Company Secretary, who is responsible for ensuring that Board meeting’s procedures are followed and that all applicable rules and regulations are complied with. The Directors can also seek independent professional advice in furtherance of their duties, at Takaful Malaysia’s expense.

Appointments to the BoardThe appointment of new Board members are considered and evaluated by the Nomination Committee and the Committee would recommend the appointment to the Board for approval. In line with Takaful Act, 1984 and the requirement of Bank Negara Malaysia (“BNM”), the appointment of Directors is subject to the approval from BNM. The Company Secretary will ensure that all the appointments are properly made, all necessary information are obtained, as well as all legal and regulatory requirements are met.

Nomination CommitteeThe Nomination Committee currently consist of four (4) Non- Executive Directors and one (1) Executive Director, two (2) of whom are Independent. The current Chairman of the Committee is Y.A.M. Tengku Azman Ibni Almarhum Sultan Abu Bakar, an Independent Non-Executive Director. The Nomination Committee met four (4) times during the financial year.

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


Sumber Maklumat kepada Lembaga PengarahLembaga Pengarah mempunyai akses penuh dan secukupnya kepada maklumat berkenaan kertas Lembaga Pengarah yang diedarkan sebelum mesyuarat agar Pengarah boleh mendapatkan penjelasan lanjut, apabila diperlukan bagi mendapatkan penerangan yang sewajarnya sebelum mesyuarat. Kertas Lembaga Pengarah merangkumi minit mesyuarat Lembaga Pengarah yang lalu, minit mesyuarat semua Jawatankuasa Lembaga Pengarah dan laporan yang berkaitan isu-isu mesyuarat yang meliputi kewangan, pelaburan, teknologi maklumat, operasi, sumber manusia dan perkara berkaitan dengan pematuhan peraturan. Pengarah Urusan Kumpulan akan memaklumkan kepada Lembaga Pengarah tepat pada masanya, berhubung semua isu penting yang boleh mempengaruhi prestasi Kumpulan dan pembangunan utama yang berlaku dalam Kumpulan.

Semua ahli Lembaga Pengarah mempunyai akses yang tidak terhad kepada maklumat yang tepat dan pada masa yang ditetapkan serta khidmat nasihat Setiausaha Syarikat yang bertanggungjawab untuk memastikan supaya prosedur mesyuarat Lembaga Pengarah dituruti dan semua syarat serta peraturan yang diterima pakai dipatuhi. Para Pengarah juga boleh mendapatkan nasihat badan profesional bebas dalam menjalankan tugas mereka, di bawah tanggungan Takaful Malaysia.

Pelantikan sebagai ahli Lembaga PengarahPelantikan ahli Lembaga Pengarah yang baru dipertimbang dan dinilai oleh Jawatankuasa Pemilihan dan Jawatankuasa tersebut akan mengesyorkan pelantikan tersebut kepada Lembaga Pengarah untuk diluluskan. Selaras dengan Akta Takaful, 1984 dan keperluan Bank Negara Malaysia (“BNM”), pelantikan Pengarah adalah tertakluk kepada kelulusan BNM. Setiausaha Syarikat akan memastikan supaya semua pelantikan dilakukan dengan cara yang betul di mana semua maklumat yang diperlukan diperoleh serta semua syarat perundangan dan peraturan dipenuhi.

Jawatankuasa PemilihanJawatankuasa Pemilihan kini terdiri daripada empat (4) Pengarah Bukan Eksekutif dan seorang (1) Pengarah Eksekutif, di mana dua (2) daripada mereka adalah Pengarah Bebas. Pengerusi Jawatankuasa kini ialah Y.A.M. Tengku Azman Ibni Almarhum Sultan Abu Bakar, seorang Pengarah Bukan Eksekutif Bebas. Jawatankuasa Pemilihan telah bermesyuarat sebanyak empat (4) kali sepanjang tahun kewangan ini.

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


Committee also discussed the succession plan of the Senior Management of Takaful Malaysia. An assessment of the effectiveness of the Board as a whole and its Committees i.e. Nomination Committee, Remuneration Committee, Audit Committee and Risk Management Committee as well as the contribution of each individual director was carried out during the year.

Directors’ TrainingAll Directors have attended the Mandatory Accreditation Programme (“MAP”). The Directors will continue to attend other relevant training programmes, courses and seminars to enhance their skills and knowledge in discharging their duties as Directors.

During the year, the Directors attended training courses including in house training arranged by BIMB Holdings Berhad related to, amongst others, Financial Reporting Standards, Corporate Governance Guide – Towards Boardroom Excellence, Non-Executive Director Development Series and ERM Awareness Program. Takaful Malaysia also continued to provide BNM’s Circulars, updated Bursa Malaysia Listing Requirements and new regulations to assist the Directors in keeping abreast with the latest development.

Re-electionThe Articles of Association provide for all Directors including the Group Managing Director/Chief Executive Officer to submit themselves for re-election at least every three (3) years in compliance with Bursa Malaysia Listing Requirements.

To assist shareholders in their decision, sufficient information, such as personal profile, meetings attendance and shareholding in the Company of each director standing for re-election are furnished in the Annual Report.

DIRECTORS’ REMUNERATION

Level and Make-up of RemunerationThe 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.


dan Pengurus Besar. Jawatankuasa Pemilihan juga diberi mandat untuk menilai keberkesanan Lembaga Pengarah, Jawatankuasanya dan sumbangan setiap Pengarah. Jawatankuasa Pemilihan juga merangka pelan peralihan jawatan bagi Pengurusan Kanan Takaful Malaysia. Penilaian keberkesanan Lembaga Pengarah dan Jawatankuasanya iaitu Jawatankuasa Pemilihan, Jawatankuasa Ganjaran, Jawatankuasa Audit dan Jawatankuasa Pengurusan Risiko di samping sumbangan setiap Pengarah telah dijalankan pada tahun ini.

Latihan PengarahSemua 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 termasuk latihan dalaman yang diatur oleh BIMB Holdings Berhad yang berkaitan, antaranya, Standard Laporan Kewangan (“FRS”), Panduan Urus Tadbir Korporat – Menuju Kecemerlangan Lembaga Pengarah, Siri Pembangunan Pengarah Bukan Eksekutif dan Program Kesedaran Pengurusan Risiko (“ERM Awareness”). Takaful Malaysia juga terus menyediakan Pekeliling BNM, Keperluan Penyenaraian Bursa Malaysia yang dikemaskini dan peraturan-peraturan baru lain untuk membantu para Pengarah dalam mendapatkan maklumat mengenai perkembangan terkini.

Pemilihan SemulaTataurusan Persatuan Syarikat memperuntukkan agar semua Pengarah termasuk Pengarah Urusan Kumpulan/Ketua Pegawai Eksekutif untuk menawarkan diri mereka bagi pemilihan semula sekurang-kurangnya setiap tiga (3) tahun sekali selaras dengan Keperluan Penyenaraian Bursa Malaysia.

Bagi membantu para pemegang saham membuat keputusan, maklumat yang mencukupi seperti profil peribadi, kehadiran mesyuarat dan pegangan saham dalam Syarikat bagi setiap Pengarah yang bersedia untuk pemilihan semula disediakan dalam Laporan Tahunan.

GANJARAN PENGARAH

Peringkat dan Kandungan GanjaranJawatankuasa 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 Pengurus 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.


Ganjaran Pengarah/ Jumlah Pengarah/Directors’ Remuneration Number of Directors Pengarah Eksekutif/ Pengarah Bukan Eksekutif/ Executive Director Non Executive DirectorsDibawah/Below than RM50,000 - 5RM50,001 – RM100,000 - 1RM100,001 – RM150,000 - -RM150,001 – RM200,000 - -Melebihi/More than RM200,001 1 -Jumlah/Total 1 6

Pengarah Eksekutif/ Pengarah Bukan Eksekutif/ Jumlah/ Executive Director Non Executive Directors Total (RM’000) (RM’000) (RM’000)

Yuran/Fees 0 350 350

Gaji dan lain-lain emolumen/ 2,140 0 2,140Salaries and other emoluments

Manfaat seumpamanya/ 61 32 93Benefits-in-kind

Jumlah/Total 2,201 382 2,583

SHAREHOLDERS

Dialogue between the Company and InvestorsTakaful Malaysia recognizes the importance to keep the shareholders well-informed of all major developments of Takaful Malaysia on a timely basis. The Chairman and Group Managing Director hold discussions with shareholders at least once (1) a year during the Annual General Meeting. Additionally, various disclosures and announcements made to Bursa Malaysia including quarterly, semi-annual returns

PEMEGANG SAHAM

Dialog antara Syarikat dan para PelaburTakaful 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


Yuran para Pengarah diluluskan oleh para pemegang saham di Mesyuarat Agung Tahunan.

Jawatankuasa GanjaranJawatankuasa Ganjaran kini terdiri daripada tiga (3) orang Pengarah Bukan Eksekutif, di mana kesemua mereka adalah Pengarah Bebas, dan seorang (1) Pengarah Eksekutif. Pengerusi Jawatankuasa kini ialah Y.A.M. Tengku Azman Ibni Almarhum Sultan Abu Bakar, seorang Pengarah Bukan Eksekutif Bebas. Jawatankuasa Ganjaran telah bermesyuarat sebanyak lima (5) kali pada tahun kewangan ini.

PendedahanRingkasan maklumat mengenai ganjaran para Pengarah bagi tahun kewangan berakhir 30 Jun 2009 adalah seperti berikut:

Directors’ fees are approved by the shareholders at the Annual General Meeting.

Remuneration CommitteeThe Remuneration Committee currently consist of three (3) Non-Executive Directors, all of whom are Independent and one (1) Executive Director. The current Chairman of the Committee is Y.A.M. Tengku Azman Ibni Almarhum Sultan Abu Bakar, an Independent Non-Executive Director. The Remuneration Committee met five (5) times during the financial year.

DisclosureThe details of the remuneration for the Directors for the financial year ended 30 June 2009 are as follows:


and annual results facilitate the dissemination of information to the shareholders. In addition, other information about the Company is available on Takaful Malaysia’s website, www. takaful-malaysia.com.my.

The Annual General MeetingThe Annual General Meeting is the principal forum for dialogues with shareholders. Besides the normal agenda for the Annual General Meeting, the Board presents the progress and performance of the business as contained in the Annual Report and provides opportunities for shareholders to raise questions pertaining to the business activities of the Group.

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.

ACCOUNTABILITY AND AUDIT

Financial ReportingThe 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.

Statement of Directors’ Responsibilities in Relation to Financial StatementsThe 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.


pengumuman dibuat kepada Bursa Malaysia termasuk keputusan suku tahunan, laporan setengah tahunan dan keputusan tahunan bagi memudahkan menyebaran maklumat kepada pemegang saham. Tambahan lagi, maklumat-maklumat lain mengenai Syarikat boleh diperolehi di laman web Takaful Malaysia, iaitu www.takaful-malaysia.com.my.

Mesyuarat Agung TahunanMesyuarat Agung Tahunan adalah forum utama bagi dialog dengan pemegang saham. Selain dari agenda biasa untuk Mesyuarat Agung Tahunan, Lembaga Pengarah akan membentangkan laporan prestasi dan pencapaian perniagaan seperti yang dinyatakan dalam Laporan Tahunan dan memberi peluang kepada pemegang saham untuk mengemukakan soalan mengenai aktiviti perniagaan Kumpulan.

Bagi pemilihan semula para Pengarah, Lembaga Pengarah akan memastikan maklumat sepenuhnya dimaklumkan menerusi notis mesyuarat berhubung para Pengarah yang akan bersara dan mana-mana Pengarah yang menawarkan diri untuk berkhidmat sekiranya dilantik semula.

Setiap perkara urusan khas yang terkandung dalam notis mesyuarat akan disertakan dengan penyata penerangan bagi resolusi yang dicadangkan untuk memudahkan pemahaman sepenuhnya dan penilaian terhadap isu berkaitan.

AKAUNTABILITI DAN AUDIT

Laporan KewanganLembaga 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.

Penyata Tanggungjawab Para Pengarah Berkenaan Penyata KewanganMenurut 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.


The Directors consider that, in preparing the financial statements for the year ended 30 June 2009, the Group has used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates. The Directors have also considered that all applicable accounting standards have been followed and confirm that the financial statements have been prepared on the going concern basis.

The Directors are responsible for ensuring that the Company maintains adequate accounting records which disclose with reasonable accuracy the financial position of the Company to enable them to ensure that the financial statements comply with the requirements of the Companies Act, 1965.

The Directors generally have the duty to take such steps as are reasonably available to them to safeguard the assets of the Company and the Group, and to prevent and detect fraud and other irregularities.

Internal Control and Risk ManagementThe Board acknowledges its responsibility and is committed in maintaining a sound system of internal control and risk management practice. However, such system can only provide reasonable but not absolute assurance against material misstatements or losses.

The Statement on Internal Control furnished on pages 49 to 52 in the Annual Report provides an overview of the state of internal control within the Group.

Relationships with the AuditorsThe 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 20 August 2009.


Para Pengarah memberi pertimbangan bahawa, dalam menyediakan penyata kewangan bagi tahun berakhir 30 Jun 2009, Kumpulan telah menggunakan dasar perakaunan yang sesuai, digunakan secara konsisten dan disokong oleh pertimbangan dan anggaran yang wajar dan berhemat. Para Pengarah juga telah mempertimbangkan bahawa kesemua piawaian perakaunan yang berkaitan dipatuhi dan mengesahkan bahawa penyata kewangan disediakan mengikut dasar perniagaan berterusan.

Para Pengarah bertanggungjawab memastikan supaya Syarikat menyediakan rekod perakaunan yang secukupnya yang menunjukkan ketepatan yang munasabah mengenai kedudukan kewangan Syarikat bagi membolehkan mereka memastikan agar penyata kewangan tersebut mematuhi keperluan Akta Syarikat, 1965.

Para Pengarah mempunyai tanggungjawab secara am untuk mengambil langkah yang munasabah dalam memastikan perlindungan aset Syarikat dan Kumpulan terpelihara dan mengelakkan serta mengesan sebarang bentuk penipuan dan kesalahan undang-undang.

Kawalan Dalaman dan Pengurusan RisikoLembaga Pengarah mengiktiraf tanggungjawabnya dan komited untuk mengekalkan pelaksanaan sistem kawalan dalaman dan amalan pengurusan risiko yang berwibawa. Walau bagaimanapun, sistem tersebut hanya dapat memberikan jaminan berpatutan dan bukannya mutlak daripada sebarang salah nyata atau kerugian ketara.

Penyata Kawalan Dalaman yang dibentangkan di muka surat 49 hingga 52 dalam Laporan Tahunan ini memberikan tinjauan menyeluruh mengenai kedudukan kawalan dalaman Kumpulan.

Hubungan dengan JuruauditPeranan 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 luar. Jika perlu, juruaudit luar akan dijemput untuk menghadiri mesyuarat Jawatankuasa.

Penyata ini dibuat selaras dengan resolusi Lembaga Pengarah bertarikh 20 Ogos 2009.


1. PENGGUNAAN DANA

Terbitan bonus, terbitan hak dan pelaksanaan penempatan persendirian masing-masing telah diselesaikan pada 16 September 2003, 27 Oktober 2003 dan 25 Mac 2005 sementara ESOS telah dilaksanakan pada 3 November 2003.

Dana daripada pelaksanaan penempatan persendirian yang berjumlah RM10,878,000 telah digunakan sepenuhnya untuk modal kerja dalam tahun kewangan berakhir 30 Jun 2005 sementara penggunaan dana terbitan hak pada 30 Jun 2009 adalah seperti berikut:

* Seperti yang diluluskan oleh Lembaga Pengarah pada 5 Januari 2004.**Seperti yang diluluskan oleh Suruhanjaya Sekuriti pada 19 Disember 2008.

1. UTILISATION OF PROCEEDS

The bonus issue, rights issue and private placement exercises were completed on 16 September 2003, 27 October 2003 and 25 March 2005 respectively whilst the ESOS was implemented on 3 November 2003.

Total proceeds from the private placement exercise of RM10,878,000 had been fully utilised for working capital during the financial year ended 30 June 2005 whilst the utilisation of rights issue proceeds as at 30 June 2009 are as follows:

* As approved by the Board of Directors on 5 January 2004.**As approved by the Securities Commission on 19 December 2008.

Maklumat Pematuhan TambahanAdditional Compliance Information

Penggunaan Dana Terbitan Hak Utilisation of Rights Issue Proceeds

Pelaburan Menaiktaraf Modal Pembiayaan Jumlah Tambahan Sistem Teknologi Kerja/ Perbelanjaan Dana/ Dalam Maklumat/ Working Berkaitan Total Syarikat Upgrading Capital Terbitan Bonus, Proceeds Subsidiari/ of IT Systems Terbitan Hak, Additional Penempatan Investment Persendirian dan in Subsidiaries Pelaksanaan ESOS/ Defray Expenses Relating to Bonus Issue, Rights Issue, Private Placement and ESOS Exercises

(RM’000) (RM’000) (RM’000) (RM’000) (RM’000)

Cadangan penggunaan dana terbitan hak/ 30,531 30,000 14,969 1,500 77,000Proposed utilisation of rights issue proceeds

Peruntukan semula dana terbitan hak/ 13,731* - (13,731)* - -Reallocation of rights issue proceeds 602** - - (602)** -

Jumlah kecil/Sub-total 44,864 30,000 1,238 898 77,000

Tolak : Jumlah penggunaan setakat 30.06.2009/ (44,864) (30,000) (1,238) (898) (77,000)Less : Amount utilised as at 30.06.2009

Baki dana terbitan hak/ - - - - -Remaining rights issue proceeds


2. PEMBELIAN BALIK SAHAM

Dalam tahun kewangan, tiada sebarang pembelian balik saham dilakukan oleh Takaful Malaysia.

3. OPSYEN, WARAN ATAU SEKURITI BOLEH TUKAR

Tidak ada opsyen, waran atau sekuriti boleh tukar yang diterbitkan oleh Takaful Malaysia sepanjang tahun kewangan.

4. PROGRAM AMERICAN DEPOSITORY RECEIPT (ADR) ATAU GLOBAL DEPOSITORY RECEIPT (GDR)

Dalam tahun kewangan, Takaful Malaysia tidak menaja sebarang program ADR atau GDR.

5. PENGENAAN SEKATAN / PENALTI

Selain daripada yang dinyatakan di bawah, tiada sekatan dan/atau penalti yang dikenakan ke atas Takaful Malaysia dan subsidiari, para Pengarah atau Pengurusannya oleh pihak berkuasa berkaitan sepanjang tahun kewangan :

• Bursa Malaysia Securities Berhad melalui suratnya yang bertarikh 26 Februari 2009 telah mengenakan celaan awam kepada Takaful Malaysia kerana telah melanggar perenggan 9.16(1)(a) dan 9.19(34) Keperluan Penyenaraian.

6. YURAN BUKAN AUDIT

Yuran bukan audit yang dibayar kepada juruaudit luar pada tahun kewangan berjumlah RM26,000.

7. VARIASI KEPUTUSAN

Tiada variasi ketara 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.

8. JAMINAN KEUNTUNGAN

Dalam tahun kewangan, tiada jaminan keuntungan diberi oleh Takaful Malaysia.

2. SHARE BUYBACKS

During the financial year, there were no share buybacks by Takaful Malaysia.

3. OPTIONS, WARRANTS OR CONVERTIBLE SECURITIES

No options, warrants or convertible securities were issued by Takaful Malaysia during the financial year.

4. AMERICAN DEPOSITORY RECEIPT (ADR) OR GLOBAL DEPOSITORY RECEIPT (GDR) PROGRAMME

During the financial year, Takaful Malaysia did not sponsor any ADR or GDR programme.

5. IMPOSITIONS OF SANCTIONS/ PENALTIES

Save as disclosed below, 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:

• Bursa Malaysia Securities Berhad via its letter dated 26 February 2009 has publicly reprimanded Takaful Malaysia for breaching of paragraphs 9.16 (1)(a) and 9.19(34) of the Listing Requirements.

6. NON-AUDIT FEES

There were RM26,000 non-audit fees paid to external auditors during the financial year.

7. VARIATION IN RESULTS

There is no significant variation 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. PROFIT GUARANTEE

During the financial year, there was no profit guarantee given by Takaful Malaysia.



9. KONTRAK PENTING

Tidak ada kontrak penting lain, yang bukan merupakan kontrak yang dimeterai dalam perjalanan biasa perniagaan, yang telah dimeterai oleh Takaful Malaysia atau syarikat subsidiarinya dalam tempoh dua (2) tahun sebelum tarikh Laporan Tahunan melainkan seperti yang dinyatakan di bawah:

i. Perjanjian perkhidmatan pengurusan operasi infrastruktur IT bertarikh 1 Julai 2008 di antara Takaful Malaysia dan Hewlett-Packard (M) Sdn Bhd untuk menguruskan operasi infrastruktur IT Takaful Malaysia bagi kontrak berjumlah RM11,840,142.

ii. Perjanjian jual beli bertarikh 27 Mac 2009 di antara Takaful Malaysia dan Asian Finance Bank Berhad, sebagai pembiaya kepada Export-Import Bank Malaysia Berhad (EXIM), bagi penjualan tujuh bidang tanah pegangan bebas bersama dengan satu unit bangunan pejabat lapan belas tingkat yang dikenali sebagai Darul Takaful, Jalan Sultan Ismail, Kuala Lumpur kepada EXIM dengan harga tawaran sebanyak RM63,000,000.

iii. Perjanjian usahasama bertarikh 18 Mei 2009 di antara Takaful Malaysia, PT Syarikat Takaful Indonesia dan Koperasi Karyawan Takaful yang menetapkan terma dan syarat untuk mengurus pegangan saham masing-masing di dalam PT Asuransi Takaful Keluarga akibat daripada struktur pegangan saham yang baru di PT Asuransi Takaful Keluarga disebabkan oleh suntikan modal daripada Takaful Malaysia ke dalam PT Asuransi Takaful Keluarga yang berjumlah RM21,825,000 pada 5 Mei 2009.

10. KONTRAK BERKAITAN DENGAN PINJAMAN

Tiada kontrak berkaitan dengan pinjaman oleh Takaful Malaysia dalam tahun kewangan.

11. PENILAIAN SEMULA HARTANAH

Berikutan penggunaan FRS 140, Kumpulan telah mengklasifikasikan beberapa hartanahnya kepada hartanah pelaburan yang sebelum ini diklasifikasikan di bawah hartanah, loji dan peralatan (“PPE”) di bawah model kos. Hartanah pelaburan kini dinyatakan pada nilai saksama, mewakili nilai pasaran terbuka berasaskan penilaian yang dibuat oleh penilai bertauliah yang bebas. Keuntungan atau kerugian yang timbul daripada perubahan nilai saksama hartanah pelaburan diiktiraf dalam akaun untung dan rugi bagi tempoh ia terhasil.

9. MATERIAL CONTRACTS

There are no other material contracts, not being contract entered into in the ordinary course of business, which have been entered into by Takaful Malaysia or its subsidiary companies within the last two (2) years preceding the date of this Annual Report save as disclosed below:

i. IT infrastructure operations management services agreement dated 1 July 2008 between Takaful Malaysia and Hewlett-Packard (M) Sdn Bhd to manage Takaful Malaysia’s IT infrastructure operations for a total contract sum of RM11,840,142.

ii. Sale and purchase agreement dated 27 March 2009 between Takaful Malaysia and Asian Finance Bank Berhad, as the financier for Export-Import Bank of Malaysia Berhad (EXIM), for the disposal of seven pieces of freehold land together with one unit of eighteen storey office building known as Darul Takaful, Jalan Sultan Ismail, Kuala Lumpur to EXIM for a purchase consideration of RM63,000,000.

iii. Joint venture agreement dated 18 May 2009 between Takaful Malaysia, PT Syarikat Takaful Indonesia and Koperasi Karyawan Takaful setting out the terms and conditions that will govern their respective shareholdings in PT Asuransi Takaful Keluarga arising from the new shareholding structure of PT Asuransi Takaful Keluarga as a result of the capital injection by Takaful Malaysia into PT Asuransi Takaful Keluarga amounting to RM21,825,000 on 5 May 2009.

10. CONTRACTS RELATING TO LOAN

There were no contracts relating to a loan by Takaful Malaysia during the financial year.

11. REVALUATION OF LANDED PROPERTIES

With the adoption of FRS 140, the Group has classified some of its properties to investment properties which were previously classified under property, plant and equipment (“PPE”) under the cost model. Investment properties are now stated at fair value, representing open-market value based on the valuation performed by independent qualified valuers. Gains or losses arising from changes in fair values of investment properties are recognised in the profit and loss in the period in which they arise.



Bentuk Urusniaga/ Pihak Pihak Berkaitan, kepentingan mereka dan Nilai Nature of Transactions Berkaitan bentuk hubungan dengan Urusniaga yang Kumpulan Takaful Malaysia/ Sebenar dari berurusniaga/ Related Parties, their interests and 1 Julai 2008 Related nature of relationships with the hingga 30 Parties Takaful Malaysia Group Jun 2009/ transacted Actual with Transaction Value from 1 July 2008 to 30 June 2009 (RM’000)

Pajakan mesin penyalinLease of copier machine

Syarikat Al-IjarahSdn Bhd

(Syarikat Al-Ijarah)

Syarikat Al-Ijarah adalah subsidiari milik penuh BHB. BHB adalah pemegang saham utama Takaful Malaysia yang memegang kepentingan ekuiti Syarikat sebanyak 65.22 % pada 30 Jun 2009.

Encik Johan b. Abdullah adalah Pengarah BIMB dan BHB dan juga Pengarah Takaful Malaysia, yang dilantik oleh BHB. Encik Johan b. Abdullah tidak mempunyai sebarang kepentingan langsung atau tidak langsung dalam BHB dan Takaful Malaysia.

Tan Sri Dr. Hadenan b. A. Jalil, Dato’ Mohamed Hassan b. Md. Kamil dan Puan Rozaida bt. Omar adalah Pengarah Takaful Malaysia, yang dilantik oleh BHB. Tan Sri Dr. Hadenan b. A. Jalil, Dato’ Mohamed Hassan b. Md. Kamil dan Puan Rozaida bt. Omar tidak mempunyai sebarang kepentingan langsung atau tidak langsung dalam BHB dan Takaful Malaysia.

Syarikat Al-Ijarah is a wholly owned subsidiary of BHB. BHB is a major shareholder of Takaful Malaysia holding an equity interest of 65.22 % in the Company as at 30 June 2009.

Encik Johan b. Abdullah is a Director in BIMB and BHB and is also a Director in Takaful Malaysia, nominated by BHB. Encik Johan b. Abdullah does not have any direct or indirect interest in BHB and Takaful Malaysia.

Tan Sri Dr. Hadenan b. A. Jalil, Dato’ Mohamed Hassan b. Md. Kamil and Puan Rozaida bt. Omar are Directors in Takaful Malaysia, nominated by BHB. Tan Sri Dr. Hadenan b. A. Jalil, Dato’ Mohamed Hassan b. Md. Kamil and Puan Rozaida bt. Omar do not have any direct or indirect interest in BHB and Takaful Malaysia.

394


12. URUSNIAGA PIHAK BERKAITAN YANG BERULANG / RECURRENT RELATED PARTY TRANSACTIONS


12. URUSNIAGA PIHAK BERKAITAN YANG BERULANG / RECURRENT RELATED PARTY TRANSACTIONS

Bentuk Urusniaga/ Pihak Pihak Berkaitan, kepentingan mereka dan Nilai Nature of Transactions Berkaitan bentuk hubungan dengan Urusniaga yang Kumpulan Takaful Malaysia/ Sebenar dari berurusniaga/ Related Parties, their interests and 1 Julai 2008 Related nature of relationships with the hingga 30 Parties Takaful Malaysia Group Jun 2009/ transacted Actual with Transaction Value from 1 July 2008 to 30 June 2009 (RM’000)

Sewa bangunan pejabatyang dibayar kepada TakafulMalaysia oleh Bank IslamMalaysia Berhad (BIMB)

Rental of office premisespayable to Takaful Malaysia by Bank Islam MalaysiaBerhad (BIMB)

BIMB BIMB adalah subsidiari 51% milik BHB. BHB adalah pemegang saham utama Takaful Malaysia yang memegang kepentingan ekuiti sebanyak 65.22 % dalam Syarikat pada 30 Jun 2009.

Encik Johan b. Abdullah adalah Pengarah BIMB dan BHB dan juga Pengarah Takaful Malaysia, yang dilantik oleh BHB. Encik Johan b. Abdullah tidak mempunyai sebarang kepentingan langsung atau tidak langsung dalam BHB dan Takaful Malaysia.

Tan Sri Dr. Hadenan b. A. Jalil, Dato’ Mohamed Hassan b. Md. Kamil dan Puan Rozaida bt. Omar adalah Pengarah Takaful Malaysia, yang dilantik oleh BHB. Tan Sri Dr. Hadenan b. A. Jalil, Dato’ Mohamed Hassan b. Md. Kamil dan Puan Rozaida bt. Omar tidak mempunyai sebarang kepentingan langsung atau tidak langsung dalam BHB dan Takaful Malaysia.

BIMB is a 51% owned subsidiary of BHB. BHB is a major shareholder of Takaful Malaysia holding an equity interest of 65.22 % in the Company as at 30 June 2009.

Encik Johan b. Abdullah is a Director in BIMB and BHB and is also a Director in Takaful Malaysia, nominated by BHB. Encik Johan b. Abdullah does not have any direct or indirect interest in BHB and Takaful Malaysia.

Tan Sri Dr. Hadenan b. A. Jalil, Dato’ Mohamed Hassan b. Md. Kamil and Puan Rozaida bt. Omar are Directors of Takaful Malaysia, nominated by BHB. Tan Sri Dr. Hadenan b. A. Jalil, Dato’ Mohamed Hassan b. Md. Kamil and Puan Rozaida bt. Omar do not have any direct or indirect interest in BHB and Takaful Malaysia.

7,368



Penyata Kawalan DalamanStatement on Internal Control

Penyata ini disediakan menurut Keperluan Penyenaraian Pasaran Utama Bursa Malaysia Securities Berhad berkaitan dengan Pematuhan Kumpulan terhadap Prinsip dan peruntukan-peruntukan Amalan Terbaik yang berkaitan dengan kawalan dalaman seperti yang digariskan di dalam Kod Urus Tadbir Korporat Malaysia (“Kod”).

TANGUNGJAWAB LEMBAGA PENGARAH

Lembaga Pengarah mengiktiraf bahawa mereka bertanggungjawab sepenuhnya terhadap persekitaran kawalan dalaman dan keberkesanannya dalam menjaga kepentingan-kepentingan pemegang-pemegang saham dan aset-aset Kumpulan.

Sistem kawalan dalaman turut memenuhi keperluan untuk 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 berterusan, dimana sistem dirumus untuk mengurus dan bukannya menghapuskan risiko kegagalan untuk mencapai objektif-objektif perniagaan. Sewajarnya, sistem kawalan dalaman Kumpulan turut memberikan jaminan yang munasabah keatas salah nyata atau kerugian yang ketara.

PROSES-PROSES KAWALAN DALAMAN UTAMA

Proses-proses kawalan dalaman utama yang telah ditubuhkan oleh Lembaga Pengarah dalam menyemak kecukupan serta kewibawaan 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 mengakui bahawa mengenalpasti dan mengurus risiko utama memainkan peranan penting dan merupakan asas dalam mencapai objektif-objektif perniagaan Kumpulan serta dalam menguruskan operasi hariannya.

Bagi mencapai objektif-objektif tersebut, Lembaga Pengarah telah menyediakan rangka kerja Pengurusan Risiko Seluruh Perniagaan (“ERM”) dalam Kumpulan bagi memastikan supaya wujud proses yang berterusan bagi mengenalpasti, menilai, memantau dan mengurus pendedahan risiko utama yang sememangnya lazim dalam operasi perniagaannya. Kumpulan telah menubuhkan struktur proses pengurusan risiko. Peranan

This statement is made pursuant to the Main Market Listing Requirements of Bursa Malaysia Securities Berhad with regard to the Group’s compliance with the Principles and Best Practices provisions relating to internal controls as stipulated in the Malaysian Code on Corporate Governance (“the Code”).

BOARD RESPONSIBILITY

The Board acknowledges its overall responsibility for the internal control environment and its effectiveness in safeguarding shareholders’ interests and Group’s assets.

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 continuing process where the system is designed to manage rather than to eliminate the risk of failure in achieving business objectives. Accordingly, the Group’s system of internal control provides reasonable assurance against material misstatement or loss.

KEY INTERNAL CONTROL PROCESSES

The key internal control processes that the Board has established in reviewing the adequacy and integrity of the system of internal control, including compliance with applicable laws, regulations, rules, directives and guidelines, are as follows:

RISK MANAGEMENT FRAMEWORK

The Board acknowledges the identification and the management of principal risks play an important and integral part in achieving the Group’s business objectives and the management of its daily operations.

In pursuing these objectives, the Board has put in place an Enterprise Wide Risk Management (“ERM”) framework within the Group to ensure there is an on-going process of identifying, evaluating, monitoring and managing the significant risk exposures inherent in its business operations. The Group has established a structured risk management process. The roles and responsibility of Risk Management Committee of the Board (“RISCO”) and Management Risk Committee (“MRC”) are clearly spelt out.


The corporate level risks identified in ERM framework including insurance risk, financial risk and operational risk are reviewed by the RISCO and MRC on quarterly basis. Given that Business Continuity Management (“BCM”) is a key component of the overall risk management framework, the Company has conducted two IT disaster recovery testing and a full scale crisis simulation exercise which involved the mobilization of operation from Dataran Kewangan Darul Takaful to designated recovery sites.

INTERNAL AUDIT FUNCTION

The internal audit function assists the Board and Audit Committee in the effective discharge of their responsibilities by conducting scheduled and special audits. The internal audit function adopts a risk-based approach in its audit of the Group’s internal controls. It reports to the Audit Committee on the extent of compliance with the relevant regulatory requirements and recommendations for improvement are also provided on the findings arising from the audit. The implementation of management action plans which seek to mitigate the weaknesses are monitored through follow up reviews.

The Audit Committee deliberates on findings and recommendations proposed by the internal and external auditors as well as the compliance function. The Committee also provides oversight on the internal audit’s resources and scope of work via its annual audit plan.

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:

• OrganisationalStructureThe Group has established a well-defined organisational structure with clear lines of responsibility and accountability with a defined delegation of authority of Committees of the Board and Management.

• PerformanceMonitoringandReportingThe Group’s management team monitors and reviews financial and operational results based on the Key Performance Indicators (“KPI”) or Key Result Areas (“KRA”) that is established prior to each new financial year. As for the subsidiary companies, the Group has representation of at least one (1) member of the Board of respective companies.

serta tanggungjawab Lembaga Jawatankuasa Pengurusan Risiko dan Jawatankuasa Pengurusan Risiko adalah dinyatakan secara jelas.

Risiko peringkat korporat yang telah dikenalpasti dalam rangka kerja ERM termasuklah risiko insuran, risiko kewangan dan risiko operasi adalah dikaji oleh RISCO dan MRC pada setiap suku tahun. Menyedari bahawa Pengurusan Penerusan Perniagaan (“BCM”) adalah komponen penting dalam rangka kerja pengurusan risiko secara keseluruhan, Syarikat telah menjalankan dua ujian pemulihan bencana dan ujian simulasi krisis berskala penuh yang melibatkan pergerakan operasi dari Dataran Kewangan Darul Takaful ke tapak pemulihan terpilih.

FUNGSI AUDIT DALAMAN

Fungsi audit dalaman membantu Lembaga Pengarah dan Jawatankuasa Audit untuk melaksanakan tanggungjawab audit yang telah dirancang dan juga audit khas. Fungsi audit dalaman menggunapakai pendekatan berasaskan risiko dalam kajiannya terhadap kawalan dalaman Kumpulan. Ia melapor kepada Jawatankuasa Audit berhubung tahap pematuhan terhadap keperluan penguatkuasaan dan syor-syor bagi peningkatan turut dikemukakan berkaitan penemuan yang timbul daripada kajian tersebut. Perlaksanaan pelan tindakan pengurusan yang berupaya untuk mengurangkan kelemahan tersebut dipantau melalui audit susulan.

Jawatankuasa Audit turut membincangkan penemuan dan syor-syor yang dicadangkan oleh juruaudit dalaman dan luar serta fungsi pematuhan. Jawatankuasa tersebut turut mengawasi sumber dan skop kerja audit dalaman melalui pelan audit tahunannya.

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 dan garis panduan adalah seperti berikut:

• StrukturOrganisasiKumpulan 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.



• LimitofAuthoritiesA clearly defined limit of authorities has been approved by the Board and implemented in the areas of Underwriting, Claims approval, Investments and other business process.

• StandardOperatingProceduresThe Branch Operating Manual has been established and acknowledged by the Board. It is used as guidelines for the day-to-day business activities. The Group is now focusing on completing the revision of Standard Operating Procedures that will govern the whole business processes within the organisation.

• NewProductDevelopmentFrameworkNew Product Development Framework has been established in June 2009 to ensure that new product development is in compliance with regulatory requirements. A structured process has been formalised to manage products that are offered for the first time or a combination of variation to existing products which have material change in the risk profile.

• InvestmentGuidelinesThe necessary policies and procedures to enhance the internal controls of the investment management are in place to address and comply with the Guidelines on Investment Management for Takaful Operators (“Guidelines”) issued by Bank Negara Malaysia. The gaps that have been identified in current financial year shall be addressed in due course to achieve full compliance with the said Guidelines. The Guidelines governs the investment management of takaful fund encompassing the investment and risk management policies, monitoring and control, roles of board of directors and senior management, investment oversight function and outsourcing of investment activities.

• ComplianceFunctionThe Compliance Manager monitors issuance of regulatory requirements and directives. All new requirements guidelines are communicated to all Senior Management team, Audit Committee and the Board.

• Business/MarketingPlanandBudgetprocessThe Group’s annual business/marketing plan and budget are submitted to the Board for approval.

• PemantauandanLaporanPrestasiPasukan Pengurusan Kumpulan memantau dan mengkaji keputusan kewangan dan operasi berdasarkan kepada Petunjuk Prestasi Penting (“KPI”) atau Bidang Keputusan Pentingan (“KRA”) yang dirumus sebelum setiap tahun kewangan baru. Bagi syarikat-syarikat subsidiari pula, Kumpulan mempunyai sekurang-kurangnya seorang (1) wakil dalam Lembaga Pengarah di setiap syarikat tersebut.

• HadKuasaHad kuasa yang ditakrif dengan jelas telah diluluskan oleh Lembaga Pengarah dan telah dilaksanakan dalam bidang Menaja Jamin, kelulusan Tuntutan, Pelaburan dan proses perniagaan yang lain.

• ProsedurOperasiPiawaiManual Operasi Cawangan telah dilancarkan serta diterimapakai oleh Lembaga Pengarah. Ia digunakan sebagai garis panduan terhadap aktiviti-aktiviti harian perniagaan. Kumpulan kini sedang menumpu untuk menyiapkan semakan terhadap Prosedur Operasi Piawai yang akan mengawal seluruh proses perniagaan dalam organisasi.

• RangkakerjaPembangunanProdukBaru

Rangkakerja Pembangunan Produk Baru telah disediakan dalam bulan Jun 2009 untuk memastikan pembangunan produk baru tersebut mematuhi kehendak penguatkuasaan. Proses berstruktur telah pun dilancarkan untuk mengurus produk-produk yang ditawarkan untuk kali pertama atau kombinasi pelbagai produk-produk yang sedia ada yang mempunyai perubahan yang material terhadap profil risiko.

• GarispanduanPelaburanPolisi-polisi dan prosedur-prosedur untuk meningkatkan kawalan dalaman untuk pengurusan pelaburan telahpun dilancarkan untuk menangani dan mematuhi Garis panduan Pengurusan Pelaburan untuk Pengendali Takaful (“Garis panduan”) yang dikeluarkan oleh Bank Negara Malaysia (BNM). Jurang-jurang yang telah dikenalpasti pada tahun semasa akan ditangani dalam masa yang terdekat untuk mematuhi sepenuhnya Garis panduan tersebut. Garis panduan tersebut mengawal pengurusan pelaburan dana takaful, meliputi polisi-polisi pelaburan dan pengurusan risiko, memantau dan mengawal, peranan-peranan Lembaga Pengarah dan pengurusan atasan, fungsi pemantauan pelaburan dan aktiviti-aktiviti pelaburan yang diberikan kepada sumber luar.



• FinancialReportingManagement 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.

• InformationTechnologySystemSTMB had rolled out the Information System Security Policy (ISSP) Manual in tandem with its efforts to ensure the effectiveness of internal control systems and the reliability of the management information systems. The ISSP Manual describes ways to prevent and respond to a variety of threats including unauthorised access, denial of access, disclosure, duplication, inadvertent error, modification, diversion, destruction, loss, misuse or theft of STMB information systems.

CONCLUSION

Despite control weaknesses identified at certain business processes within the Group, there was no significant control failure or weakness that has resulted in material loss that requires disclosure in the Group’s annual report for the financial year under review.

This statement is made in accordance with the Board of Directors resolution dated 16 September 2009.

• FungsiPematuhanPengurus Pematuhan memantau kehendak penguatkuasa dan arahan-arahan yang dikeluarkan oleh pihak berkuasa. Semua keperluan/garis panduan baru disampaikan kepada setiap pasukan Pengurusan Kanan, Jawatankuasa Audit dan Lembaga Pengarah.

• PelanPerniagaan/PemasarandanprosesBelanjawanPelan perniagaan dan pemasaran tahunan Kumpulan dibentangkan kepada Lembaga Pengarah untuk kelulusan.

• LaporanKewanganAkaun pengurusan/laporan dibentangkan kepada Lembaga Pengarah untuk dikaji dan dibincangkan. Penyebaran laporan suku tahunan kepada orang ramai 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.

• SistemTeknologiMaklumatSTMB telah pun melancarkan manual Polisi Keselamatan Sistem Maklumat (ISSP) selaras dengan usaha untuk memastikan keberkesanan sistem kawalan dalaman dan kebolehsandaran terhadap pengurusan sistem maklumat. Manual ISSP menerangkan cara-cara untuk mencegah dan bertindak terhadap pelbagai ancaman termasuk akses tidak dibenarkan, akses yang dihalang, pendedahan, duplikasi, kesalahan yang tidak disengajakan, pengubahsuaian, pengalihan, kehilangan, kemusnahan, salahguna atau kecurian terhadap sistem maklumat STMB.

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 tahun kewangan yang dikaji.

Penyata ini disediakan selaras dengan resolusi Lembaga Pengarah bertarikh 16 September 2009.



We Tailor To Your Needs


Dear Shareholders,

In fact, this is an exceptional honour indeed, as we mark the 25th anniversary of Takaful Malaysia in November 2009. This is a major milestone for a true Malaysian pioneer. Takaful Malaysia was one of the first companies to take up the challenge of propagating Islamic finance. Today, we stand tall as a Malaysian company and one of the largest Takaful operators in the world.

I cannot emphasise too strongly the fact that the growth and success of the company are attributed to the hard work and dedication of the staff, both past and present. It remains our team objective to keep growing the company aggressively as we fulfill our commitment to promoting Malaysia as a central hub in Islamic finance.

Although we have been in existence for 25 years, it must be noted that in terms of perception, only in the last five years has Takaful made significant advances in terms of concept, practices and principles. During this period, we have seen a great deal of convergence in opinions and applications that have helped the industry establish the pillars that have made Takaful more acceptable across the world. The perception that Islamic finance is only for Muslims is diminishing. Regionally, we are seeing increasing participation in the areas of raising capital and offering investment alternatives for the public using Islamic Finance instruments.

As we look to the future and plan for the next 25 years in light of this growing acceptance of Takaful, we believe that it is timely that we examine our brand identity with the aim of repositioning Takaful Malaysia for a new, more competitive era and a new, more sophisticated audience. Over the last four or

Para Pemegang Saham,

Sesungguhnya ini merupakan satu penghormatan yang besar kerana kita akan meraikan ulang tahun ke-25 Takaful Malaysia pada November 2009. Ini merupakan satu pencapaian yang membanggakan bagi sebuah syarikat kewangan pelopor negara ini. Takaful Malaysia telah menjadi salah sebuah syarikat yang pertama sekali menyahut cabaran mengembangkan sektor kewangan Islam. Hari ini kita bangga menjadi sebuah syarikat Malaysia yang juga merupakan salah sebuah pengendali Takaful terbesar di dunia.

Saya ingin menekankan bahawa kejayaan dan pertumbuhan pesat syarikat ini merupakan sumbangan daripada usaha gigih dan dedikasi para staf yang terdahulu dan yang sedia ada. Objektif kita ialah untuk terus mengembangkan syarikat ini secara agresif dalam memenuhi komitmen untuk mempromosikan Malaysia sebagai sebuah hab utama kewangan Islam.

Walaupun kita telah wujud selama 25 tahun, namun persepsinya ialah hanya baru lima tahun yang lepas Takaful telah mencapai kemajuan dari segi konsep, amalan dan prinsip. Dalam tempoh ini, kita telah melihat pelbagai penumpuan pendapat dan aplikasi yang telah membantu industri mewujudkan teras untuk Takaful supaya lebih diterima di seluruh dunia. Persepsi yang menerima kewangan Islam hanya untuk orang Islam sahaja sudah berkurangan. Di peringkat serantau, kita melihat lebih banyak penyertaan orang awam dalam bidang pengumpulan dana dan penawaran pelaburan alternatif yang menggunakan instrumen Kewangan Islam.

Semakin kita melangkah ke hadapan dan merancang untuk 25 tahun yang akan datang serta memandangkan Takaful kini semakin diterima oleh orang ramai, kita perlu menyemak kembali identiti jenama kita dengan matlamat untuk memperbaiki kedudukan Takaful Malaysia bagi menghadapi era baru yang penuh dengan persaingan dan kehendak pelanggan yang lebih sofistikated. Banyak syarikat kewangan

dengan nama allah yang maha pemurah dan maha penyayang, Assalamualaikum Warahmatullahi Wabarakatuh.

Saya dengan sukacitanya membawakan kepada anda Laporan Tahunan dan Penyata Kewangan Beraudit ke-24 bagi tahun kewangan berakhir 30 Jun 2009.

In the Name of Allah, the Most Compassionate, the Most Merciful, Assalamualaikum Warahmatullahi Wabarakatuh.

It is a great honour to bring you the 24th Annual Report and Audited Financial Statements for the financial year ended 30 June 2009.

Penyata Pengarah urusan KumpulanGroup Managing Director’s Statement


Islam baru yang muncul dalam empat atau lima tahun yang lalu dan kini sudah terdapat lapan buah pengendali Takaful di Malaysia. Selain daripada strategi baru yang akan dibincangkan kemudian, adalah amat penting untuk syarikat membezakan dirinya dengan menunjukkan penampilan dan sikap yang lebih dinamik agar organisasi tersebut sentiasa berada di hadapan.

Ketika ini, kita sedang membuat persiapan untuk melancarkan identiti jenama baru bersempena dengan sambutan ulang tahun ke-25 Takaful Malaysia pada bulan November ini. Kita yakin bahawa pelaksanaan ini akan mengukuhkan lagi jenama Takaful Malaysia dan meningkatkan profil kita sebagai Takaful Malaysia yang lebih cergas, moden dan bertenaga di mata masyarakat. Selaras dengan prinsip yang mendukung wawasan 1Malaysia, identiti jenama baru kita akan membawa mesej bahawa Takaful adalah untuk seluruh warga Malaysia tanpa mengira keturunan mahupun agama.

TINJAUAN PRESTASI TAHUN INI

Kejatuhan ekonomi global telah menyebabkan negara ekonomi maju mengalami kejatuhan KDNK sebenar sebanyak 7.5% dalam suku keempat sepanjang tempoh bermula dari bulan September hingga ke Disember 2008. Menjelang akhir tahun 2008, kemerosotan ini telah memberi kesan kepada ekonomi Asia melalui saluran kewangan dan perdagangan, terutama sekali negara-negara yang hanya bergantung kepada eksport barangan pembuatan. Pada masa yang sama akibat dari aktiviti global yang samakin perlahan, harga komoditi telah jatuh menjunam dari paras tertinggi pada pertengahan tahun.

Dalam persekitaran ekonomi ini dan oleh kerana hampir 7% aset kumpulan berada dalam pasaran ekuiti, kedudukan kewangan kita telah terjejas di antara suku tahun berakhir Disember 2008 dan Mac 2009. Keadaan ini bertambah rumit disebabkan krisis kewangan yang turut memberi kesan kepada perniagaan runcit dan korporat kerana para pelanggan telah mengurangkan perbelanjaan mereka. Penangguhan pelaksanaan projek-projek prasarana besar turut menyumbang kepada penurunan pertumbuhan premium.

Walau bagaimanapun, dalam bulan April hingga Jun 2009, ekonomi Malaysia telah mengalami peningkatan yang dramatik. Persekitaran ekonomi tempatan telah mendapat faedah daripada perubahan positif yang dibawakan oleh barisan kepimpinan baru serta pakej penggalak kewangan yang dilancarkan oleh kerajaan. Tahap keyakinan di kalangan pelabur tempatan dan juga asing telah meningkat. Pasaran ekuiti tempatan kembali melonjak dan peningkatan 23.3% pasaran FTSE Bursa Malaysia KLCI telah memberikan keputusan yang memberangsangkan untuk Takaful Malaysia. Kutipan premium bertambah baik dan kita turut menyaksikan penurunan yang besar bagi peruntukan hutang ragu. Selain itu, pemulihan kebanyakan projek prasarana yang tertangguh di bawah Pakej Penggalak Ekonomi kerajaan Malaysia telah menyediakan peluang untuk kita mengembangkan perniagaan.

five years, many new players have entered the Islamic finance arena and there are now eight Takaful operators in Malaysia. Apart from other strategies which will be discussed later, in order to stay ahead, it is vital that the company differentiate itself by projecting a more dynamic look and feel to the organization.

To this end, we are preparing to launch a new brand identity in conjunction with Takaful Malaysia’s 25th anniversary celebrations in November. We are confident that this exercise will re-energise the Takaful Malaysia brand and raise our profile; bringing a young, modern and energetic Takaful Malaysia to public attention. In line with the principles underpinning the 1Malaysia vision, our new brand identity will communicate the message that Takaful is for all Malaysians regardless of creed or colour.

THE YEAR IN REVIEW

The period from September to December 2008, saw the collapse of the global economy, which resulted in the advanced economies experiencing an unprecedented 7.5% decline in real GDP during the fourth quarter. By end of 2008, the contagion had affected the Asian economies via financial and trade channels, in particular countries that relied heavily on manufacturing exports. At the same time, as global activity subsided, commodity prices fell sharply from mid-year highs.

In this economic scenario and with almost 7% of the group’s assets in the equity market, our financial position was significantly affected between the quarter ending December 2008 and March 2009. The situation was compounded by the fact that the financial crisis also affected the retail and corporate business as customers made significant cutbacks in expenditure. Delays in implementing large infrastructure projects also contributed to a decline in premium growth.

However, in April to June 2009, the Malaysian economy saw a dramatic turnaround. The local economic environment benefitted from the positive changes heralded by the new leadership and the fiscal stimulus launched by the government. There is greater confidence both locally and amongst foreign investors. The local equity market bounced back and the 23.3% improvement of the FTSE Bursa Malaysia KLCI quickly translated into favourable results for Takaful Malaysia. Collections of premiums improved and we saw a significant reversal of provision for doubtful debts. Furthermore, the revival of many stalled infrastructure projects under the Malaysian government’s Economic Stimulus Packages provided opportunities to grow our business.



This tremendous recovery puts the Group back on track to perform slightly better than last year’s results in terms of profit. The turnover was lower but we were still able to deliver the profits because we have become more selective in underwriting, divesting those segments that are unprofitable due to declining rates through stricter underwriting process.

The issue of declining rates continues to be significant as it is a direct consequence of increased competition, as certain competitors lowered rates in an attempt to win business despite tighter availability of retakaful support. Takaful Malaysia is the vanguard in the fight against rate-cutting in the industry, our stand being that improved service levels is the key to growing our business profitably.

Looking at the big picture which includes plans by Bank Negara to issue two new Takaful licences, there is no doubt that the Islamic finance industry is very healthy and will continue to be competitive. Takaful Malaysia welcomes increased competition as new players will keep the industry vibrant with the introduction of more products, raising the bar and compelling us to work even harder in order to keep our leading edge.

GROWING THE BUSINESS

This year, Takaful Malaysia is committed to expansion via a three-pronged strategy, namely, improving the customer experience, developing a new full-fledged agency retail channel and expanding the overall distribution channels.

Since its inception 25 years ago, Takaful Malaysia’s business has been largely – and very successfully – based on the Mudharabah, or profit-sharing, model. Over the years, we have developed an extensive range of products and services which were available at Takaful Malaysia branches throughout the country. However, we realise that we may have been losing market share after 2005 and customers are beginning to demand better quality service despite the favourable profit sharing advantage of the products. Thus, we have invested in IT technology and human capital to track and manage the customer experience to ensure our service levels improve and our frontliners are trained to be more responsive and knowledgable. In order for us to shift towards a middle-upper target market, high quality service level is critical to penetrate this segment. Introduction of new standard operating procedures(SOP) has helped in providing a structured and discipline approach to service our customers.


Pemulihan yang ketara ini telah meletakkan Kumpulan kembali ke landasan untuk mencapai keputusan yang lebih baik berbanding dengan tahun yang sebelumnya dari segi keuntungan walaupun jumlah hasil pulangan adalah lebih rendah tetapi masih memperoleh keuntungan. Ini adalah kerana kita telah menjadi lebih selektif dalam menaja jamin serta mengurangkan segmen yang tidak menguntungkan akibat penurunan kadar melalui proses menaja jamin yang semakin ketat.

Isu penurunan kadar terus menjadi keutamaan kerana ia merupakan akibat langsung daripada peningkatan persaingan kerana sesetengah pesaing telah menurunkan kadar dalam usaha untuk memenangi perniagaan walaupun kekurangan sokongan retakaful. Takaful Malaysia menjadi perintis kepada usaha melawan penurunan kadar dalam industri di mana falsafah kita ialah peningkatan tahap perkhidmatan merupakan faktor utama untuk meningkatkan keuntungan perniagaan kita.

Dengan perancangan Bank Negara untuk menerbitkan dua lesen Takaful yang baru, tidak dapat dinafikan bahawa industri kewangan Islam adalah sangat kukuh dan akan terus kekal bersaingan. Takaful Malaysia mengalu-alukan peningkatan persaingan kerana syarikat-syarikat baru akan menjadikan industri ini kekal bertenaga melalui pengenalan produk yang lebih banyak, meningkatkan tanda aras dan meyakinkan kita supaya berusaha lebih gigih untuk mengekalkan kelebihan kita.

PENGEMBANGAN PERNIAGAAN

Pada tahun ini, Takaful Malaysia komited terhadap pengembangan perniagaan melalui strategi serampang tiga mata iaitu meningkatkan pengalaman pelanggan, membangunkan saluran runcit agensi sepenuhnya dan meluaskan saluran pengagihan.

Sejak ditubuhkan 25 tahun yang lalu, sebahagian besar perniagaan Takaful Malaysia adalah berasaskan model Mudharabah ataupun perkongsian keuntungan. Kita kemudiannya memperkembangkan rangkaian produk dan menyediakan perkhidmatan menyeluruh di semua cawangan Takaful Malaysia seluruh negara. Walau bagaimanapun, kita sedar bahawa kita mungkin telah kehilangan bahagian pasaran selepas tahun 2005 dan para pelanggan mula meminta perkhidmatan yang lebih bermutu walaupun dengan produk perkongsian keuntungan yang sedia ada. Oleh itu kita telah melabur dalam teknologi IT dan sumber insan untuk mengikuti dan menguruskan kehendak pelanggan dan memastikan penambahbaikan tahap perkhidmatan. Kakitangan barisan hadapan kita turut dilatih untuk menjadi lebih responsif dan berpengetahuan. Tahap perkhidmatan yang bermutu tinggi adalah penting untuk kita menembusi sasaran pasaran pertengahan atas. Pengenalan piawai prosedur operasi (SOP) juga turut membantu menyediakan pendekatan yang terancang dan berdisiplin dalam memberi perkhidmatan kepada para pelanggan.


The second initiative, which is developing a retail channel of distribution created a shift in our Takaful Family retail model.

We introduced the Wakalah model in late 2008 to enable us to recruit retail agents (Takaful Finance Consultants) which is similar to the conventional agency structure. This move marks our entry into the highly competitive agency driven market where service levels and innovative products will be the pillar to success.

The third initiative, in line with our objective of expanding and streamlining our distribution network, we expanded the number of corporate agents to over 1,000 and introduced the Takaful myDesk at selected Tabung Haji offices. With this added distribution capabilities, we reduced the number of branches and streamline the operations by allowing the corporate agents and Takaful myDesk counters to service the customers. This initiative has helped us reduce operating expenses and increase efficiency of operations.

I am very pleased to inform that Premia, our Takaful core system is in the process of implementation to replace the legacy system and we have completed the implementation for the General Takaful business within 18 months in early 2009. With the reinforced IT infrastructure, we will be in the position to serve our customers better, do business more seamlessly and expand our agency network exponentially. Everyone at Takaful Malaysia is looking forward to 2010 when the Group is well-positioned to fully propel the business forward.

On the human resources front, it gives me great satisfaction to inform you that while the Group is leaner in terms of head count, there is a full team on board and all the senior positions have been filled with experienced people.

We are committed to our policy on training and development. Our staff is constantly being evaluated to make sure that we have the right people for the right jobs. We conduct extensive trainings to ensure that their knowledge and skills are up to date as well as to be able to place them in different positions within the Group.

We have managed to attract a steady influx of talent from both the Islamic and conventional finance sectors, which is a clear indication that more people are interested in exploring this new growing industry and they have chosen Takaful Malaysia as the place for them to learn and contribute.

Inisiatif kedua iaitu membangunkan saluran pengagihan runcit telah menghasilkan anjakan kepada model runcit Keluarga Takaful kita.

Kita telah memperkenalkan model Wakalah pada akhir tahun 2008 bagi membolehkan kita merekrut agen-agen runcit (Perunding Kewangan Takaful) sama seperti struktur agensi konvensional. Langkah ini telah menandakan kemasukan kita ke dalam pasaran dipacu agensi yang sangat kompetitif di mana tahap perkhidmatan dan produk yang inovatif menjadi teras kepada kejayaan.

Bagi inisiatif ketiga dan selaras dengan objektif untuk meluaskan dan menyusun rangkaian pengagihan, kita telah meningkatkan jumlah agen korporat menjadi lebih 1000 dan telah memperkenalkan semula Takaful myDesk di pejabat-pejabat Tabung Haji terpilih. Melalui peningkatan keupayaan pengagihan ini, kita telah mengurangkan bilangan cawangan dan menyusun semula operasi dengan membenarkan agen-agen korporat dan kaunter Takaful myDesk memberi khidmat kepada pelanggan. Inisiatif ini telah membantu kita mengurangkan perbelanjaan operasi dan meningkatkan kecekapan operasi.

Sukacita saya maklumkan bahawa Premia, sistem teras takaful kita, sedang dalam proses pelaksanaan untuk menggantikan sistem dahulu dan kita telah menyempurnakan pelaksanaan untuk perniagaan Takaful Am dalam masa 18 bulan pada awal tahun 2009. Melalui pengukuhan prasarana IT, kita bersedia memberi perkhidmatan yang lebih baik kepada pelanggan, melaksanakan urusan dengan lebih lancar dan mengembangkan rangkaian agensi kita dengan pesat. Semua warga Takaful Malaysia bersedia menghadapi tahun 2010 dengan Kumpulan yang berada dalam kedudukan terbaik untuk membawa perniagaan ke mercu kejayaan.

Bagi sumber insan pula, sukacita saya memaklumkan bahawa walaupun Kumpulan mengurangkan jumlah kakitangan, pasukan warga kerjanya tetap lengkap dengan semua jawatan kanan yang diisi oleh para individu yang berpengalaman.

Kita komited dengan dasar latihan dan pembangunan staf kita. Staf kita sentiasa dinilai untuk memastikan kita memiliki para pekerja yang sesuai untuk melakukan tugas dengan cekap. Kita melaksanakan latihan yang terperinci untuk memastikan pengetahuan dan kemahiran mereka dikemaskinikan agar mereka boleh ditempatkan dalam jawatan yang berbeza di dalam Kumpulan.

Kita telah berupaya menarik minat para pekerja daripada kedua-dua sektor kewangan Islam dan konvensional. Ini jelas menunjukkan lebih ramai orang yang semakin berminat untuk menerokai industri yang baru berkembang ini dan mereka telah memilih Takaful Malaysia sebagai tempat untuk mereka belajar dan memberi sumbangan.



FINANCIAL OVERVIEW

Group PerformanceThe Group continued to register favourable growth in performance for the financial year ended 30 June 2009. Total assets of the Group increased by 7.8% to RM4.4 billion as at the end of the financial year, compared to RM4.0 billion the previous year. Return on Shareholders’ Equity (Net ROE) improved to 12.9% during the financial year from 10.8% last year.

Operating revenue records a decline to RM1,049.1 million from RM1,075.8 million in the previous year. The declined results mainly due to a lower contribution from the Family Takaful business as part of the realignment strategy in weeding out the less profitable business and investment oriented products (unit linked) registered lower sales due to the economic crisis.

Profit Before Taxation (PBT) for the financial year ended 30 June 2009 increased to RM48.9 million compared to RM33.9 million in the previous financial year.

The favourable performance was achieved on the back of higher surplus transfers from General Takaful business and higher other operating income from wakalah fees earned largely by Syarikat Takaful Indonesia. The recovery in the equity market during the fourth quarter of the FY 2009 has managed to improve the investment income results due to reversal in provision for diminution in investments.

Futhermore, there was an impairment loss made in respect of Asean Retakaful International (L) Ltd (ARIL) in the previous year of RM20.3 million. No further impairment loss is required to be made this year.

Company PerformanceFor the financial year ended 30 June 2009, Takaful Malaysia recorded a decline in Operating Revenue of 1.9% to RM871.1 million as compared to the previous financial year. The decline is mainly from the contribution of the Family Takaful business where in previous year, the single contribution Investment-Linked Product, Takaful myAl-Afdhal garnered RM90.2 million in contribution income whereas we were not able to have a similar product this year due to the economic crisis.

However, gross contribution from the General Takaful business grew by 32.8% following the re-alignment of the non-profitable classes in the previous financial year and expanded distribution capabilities through corporate agents.

ULASAN KEWANGAN

Prestasi KumpulanKumpulan terus mencatatkan pertumbuhan prestasi yang memberangsangkan bagi tahun kewangan berakhir 30 Jun 2009. Jumlah aset Kumpulan meningkat sebanyak 7.8% kepada RM4.4 bilion pada akhir tahun kewangan, berbanding RM4.0 bilion pada tahun sebelumnya. Pulangan atas Ekuiti Pemegang Saham (ROE Bersih) meningkat kepada 12.9% dalam tahun kewangan semasa berbanding 10.8% sebelumnya.

Hasil operasi mencatatkan penurunan kepada RM1,049.1juta berbanding RM1,075.8 juta pada tahun sebelumnya. Penurunan ini sebahagian besarnya disebabkan oleh sumbangan lebih rendah daripada perniagaan Takaful Keluarga yang menjadi sebahagian daripada strategi penyusunan semula untuk menamatkan perniagaan yang tidak menguntungkan manakala produk berorientasikan pelaburan (berkaitan unit) mencatatkan jualan yang lebih rendah kerana krisis ekonomi.

Keuntungan Sebelum Cukai (PBT) bagi tahun kewangan berakhir 30 Jun 2009 meningkat kepada RM48.9 juta berbanding RM33.9 juta pada tahun kewangan sebelumnya.

Prestasi yang memberangsangkan ini dicapai hasil daripada pemindahan lebihan yang tinggi daripada perniagaan Takaful Am dan pendapatan operasi lain yang tinggi hasil daripada yuran wakalah yang diperoleh sebahagian besarnya oleh Syarikat Takaful Indonesia. Pemulihan pasaran ekuiti pada suku keempat TK2009 telah berupaya meningkatkan keputusan pendapatan pelaburan disebabkan oleh pembalikan peruntukan bagi pengecilan pelaburan.

Tambahan lagi, terdapat kerosotan nilai yang dibuat berkaitan dengan Asean Retakaful International (L) Ltd (ARIL) pada tahun sebelumnya sebanyak RM20.3 juta. Tiada rosot nilai yang perlu dibuat pada tahun ini.

Prestasi SyarikatBagi tahun kewangan berakhir 30 Jun 2009, Takaful Malaysia telah mencatatkan penurunan Hasil Operasi sebanyak 1.9% ke RM 871.1 juta berbanding tahun kewangan sebelumnya. Penurunan ini disebabkan terutamanya oleh sumbangan daripada perniagaan Takaful Keluarga di mana pada tahun sebelumnya sumbangan tunggal Produk Berkaitan Pelaburan, Takaful myAl-Afdhal mencapai pendapatan sumbangan sebanyak RM90.2 juta. Kita tidak memiliki produk yang sama pada tahun ini disebabkan oleh krisis ekonomi.

Walau bagaimanapun, sumbangan kasar daripada perniagaan Takaful Am meningkat sebanyak 32.8% selepas penyelarasan kelas-kelas yang tidak menguntungkan pada tahun kewangan sebelumnya dan peningkatan keupayaan pengagihan melalui agen-agen korporat.



Considering the uncertainties in the financial markets, investment income has recorded a commendable total income of RM189.7 million even though this is slightly lower than the previous year investment income of RM204.6 million. The lower investment income was mainly due to the lower return from the equity portfolio in line with the performance of the local equity market during the year and declining profit rate from fixed placements.

The strategic asset allocation implemented during the year with higher income from other asset classes has cushioned the impact of the less favourable result from the equity portfolio. The Islamic bonds portfolio recorded a significant increase in net income of 28.9% to RM95.7 million from RM74.3 million year-on-year. Similarly, net income from investment in Government Investment Issue rose by 11.6% to RM24.1 million. Furthermore, our continuous active management approach has managed to minimise the negative return from the equity portfolio. For the period under review, Takaful Malaysia’s overall equity portfolio has outperformed the FBM Shariah Emas Index by 10.4% where the benchmark index declined by 12.6%.

Profit Before Taxation (PBT) of Takaful Malaysia increased to RM45.3 million compared to the previous financial year of RM42.7 million. In tandem with the re-alignment strategy to move out of non-profitable classes, the General Takaful business performed favourably during the financial year. Furthermore, measures taken to improve productivity and operational efficiency had resulted in lower net claims incurred by RM19.6 million and turned the bad debt expense of RM21.2 million in the previous year into a recovery of RM5.6 million.

REVIEW OF SUBSIDIARY

Syarikat Takaful Indonesia Group In May 2009, Takaful Malaysia injected RM21.83 million into Asuransi Takaful Keluarga (ATK), a subsidiary of Syarikat Takaful Indonesia (STI) and subscribed to 64,762 new ordinary shares of Indonesian Rupiah (IDR)1,000,000 each in ATK issued at par resulting in Takaful Malaysia holding a direct interest of 42.73% in ATK.

The increase in our stake in the Indonesian counterpart is due to the long term positive business potential in Indonesia and to strengthen the capital base for future expansion.

Melihatkan kepada ketidaktentuan pasaran kewangan, pendapatan pelaburan masih mencatatkan jumlah pendapatan yang dibanggakan sebanyak RM189.7 juta walaupun jumlah ini adalah lebih rendah sedikit berbanding pendapatan pelaburan tahun sebelumnya sebanyak RM204.6 juta. Penurunan pendapatan pelaburan ini disebabkan oleh pulangan yang lebih rendah daripada portfolio ekuiti selaras dengan prestasi pasaran ekuiti tempatan semasa tahun kewangan dan penurunan kadar keuntungan daripada peletakan tetap.

Peruntukan aset strategik yang dilaksanakan semasa tahun kewangan dan pendapatan yang lebih tinggi daripada kelas aset yang lain telah meringankan kesan keputusan portfolio ekuiti yang tidak memuaskan. Portfolio bon Islam mencatatkan peningkatan pendapatan bersih yang ketara sebanyak 28.9% kepada RM95.7 juta dari RM74.3 juta tahun ke tahun. Begitu juga pendapatan bersih daripada pelaburan dalam Terbitan Pelaburan Kerajaan yang meningkat sebanyak 11.6% kepada RM24.1 juta. Selain itu, pendekatan pengurusan aktif kita yang berterusan telah berupaya mengurangkan pulangan negatif daripada portfolio ekuiti. Bagi tempoh di bawah kajian, secara keseluruhannya portfolio ekuiti Takaful Malaysia telah mengatasi Indeks FBM Shariah Emas sebanyak 10.4% di mana indeks tanda aras telah menurun sebanyak 12.6%.

Keuntungan Sebelum Cukai (PBT) Takaful Malaysia meningkat kepada RM45.3 juta berbanding tahun kewangan yang lalu sebanyak RM42.7 juta. Selaras dengan strategi penjajaran semula untuk menghentikan kelas-kelas yang tidak menguntungkan, prestasi perniagaan Takaful Am adalah memberangsangkan pada tahun kewangan semasa. Selain itu, langkah-langkah yang diambil untuk meningkatkan produktiviti dan kecekapan operasi telah menghasilkan tuntutan bersih yang lebih rendah sebanyak RM19.6 juta dan mengubah perbelanjaan hutang lapuk sebanyak RM21.2 juta pada tahun sebelumnya menjadi pemulihan sebanyak RM5.6 juta.

ULASAN SUBSIDIARI

Kumpulan Syarikat Takaful Indonesia Pada bulan Mei 2009, Takaful Malaysia telah menyuntik sebanyak RM21.83 juta ke dalam Asuransi Takaful Keluarga (ATK), sebuah subsidiari Syarikat Takaful Indonesia (STI) dan melanggan sejumlah 64,762 saham biasa baru bernilai Rupiah (IDR)1,000,000 setiap satu dalam ATK yang diterbitkan pada paras par bagi menjadikan Takaful Malaysia memegang kepentingan langsung sebanyak 42.73% dalam ATK.

Peningkatan kepentingan kita dalam rakan perniagaan Indonesia adalah disebabkan potensi perniagaan jangka panjang yang positif di negara tersebut dan juga untuk mengukuhkan pangkalan modal bagi perkembangan perniagaan di masa hadapan.



The potential of Islamic insurance is aplenty in Indonesia, the second most populous Muslim nation in the world. We are seizing this opportunity to penetrate this untapped market of almost 200 million Muslims.

For the current financial year under review, STI Group recorded a profit before tax of RM1.7 million compared with RM4.1 million in the preceding year. While the surplus transfer from the General Takaful business has grown, the STI Group result has been dragged down by the lower surplus from the Family Takaful business, which has been partly impacted by the contagion effect of the global financial crisis.

Asean Retakaful (ARIL)ARIL has repositioned itself to write foreign business since it ceased writing significant portion of the local retakaful business last year. For current financial year under review, it recorded a loss before taxation of RM14.0 million compared to a loss before taxation of RM0.5 million last year due to further write down of the Qardh Hasan following the cessation of local retakaful business.

CORPORATE SOCIAL GOVERNANCE

As a government-linked company (GLC), Takaful Malaysia is committed to the corporate social responsibility (CSR) objectives outlined in the Silver Book, which is a set of principles and guidelines to be implemented by GLCs so they can proactively contribute to society while still creating value for their shareholders. In line with the Silver Book, we endeavour to contribute to society in the most efficient and effective manner in line with industry norms and best practices as well as the relevant regulatory framework.

This year, saw the Group contributed over RM1.5 million towards CSR activities. However, our CSR efforts are not merely financial as we are committed to creating a presence and a relationship with those we assist.

In January 2009, Takaful Malaysia launched a CSR umbrella brand called Takaful myJalinan. This is the first step towards ensuring that all our CSR activities achieve a sustainable impact. Three sub-brands were introduced under the umbrella brand, each dedicated to supporting a particular underprivileged group in the community.

Terdapat potensi besar dalam insurans Islam di Indonesia kerana ia merupakan sebuah negara dengan jumlah penduduk Islam yang kedua terbesar di dunia. Kita mengambil peluang ini untuk menembusi pasaran berjumlah 200 juta penduduk Islam yang masih belum diterokai ini.

“Bagi tahun kewangan semasa di bawah kajian, Kumpulan STI mencatatkan keuntungan sebelum cukai sebanyak RM1.7 juta berbanding RM4.1 juta pada tahun sebelumnya. Walaupun pemindahan lebihan daripada perniagaan Takaful Am telah meningkat, namun keputusan Kumpulan STI merosot disebabkan lebihan yang lebih rendah daripada perniagaan Takaful Keluarga yang sedikit sebanyak disebabkan oleh krisis kewangan global. “

Asean Retakaful (ARIL)ARIL menyusun kedudukannya untuk menguruskan perniagaan asing dan telah berhenti menguruskan sebahagian besar perniagaan retakaful tempatan pada tahun lepas. Bagi tahun kewangan semasa yang ditinjau, ARIL mencatatkan kerugian sebelum cukai sebanyak RM14.0 juta berbanding kerugian sebelum cukai sebanyak RM0.5 juta pada tahun lepas disebabkan oleh hapus kira Qardh Hassan selepas penamatan perniagaan retakaful tempatan.

TADBIR URUS SOSIAL KORPORAT

Sebagai sebuah syarikat berkaitan kerajaan (GLC), Takaful Malaysia komited terhadap objektif tanggungjawab sosial korporat (CSR) yang telah digariskan dalam Buku Perak, yang merupakan satu set prinsip dan garis panduan yang perlu dilaksanakan oleh GLC supaya mereka boleh memberi sumbangan secara proaktif kepada masyarakat dan pada masa yang sama menghasilkan nilai untuk para pemegang saham mereka. Selaras dengan Buku Perak, kita berazam untuk memberi sumbangan masyarakat secara paling cekap dan berkesan sejajar dengan kebiasaan dan amalan terbaik industri serta rangka kerja pengawasan yang berkaitan.

Tahun ini Kumpulan telah menyumbang lebih daripada RM1.5 juta bagi aktiviti CSR. Walau bagaimanapun, usaha CSR kita bukan setakat kewangan sahaja kerana kita komited untuk mewujudkan kehadiran dan pertalian dengan pihak yang kita hulurkan bantuan.

Pada Januari 2009, Takaful Malaysia telah melancarkan jenama di bawah payung CSR dipanggil Takaful myJalinan. Ini merupakan langkah pertama ke arah memastikan semua aktiviti CSR kita mencapai impak yang mapan. Tiga sub jenama telah diperkenalkan di bawah jenama payung, setiap satu khusus untuk menyokong kumpulan tidak bernasib baik yang tertentu di dalam masyarakat.



myJalinanKasih provides assistance, both financial and physical, to single mothers, orphans, disabled and the hard-core poor. Takaful Malaysia has adopted Al Khaadem Home of Hope in Shah Alam under the myJalinan Kasih programme, benefitting 30 children and several single mothers residing in the Home.

myJalinanIlmu focuses on assisting students from hard-core poor backgrounds. Takaful Malaysia adopted Sekolah Kebangsaan Permatang Binjai in Penang for this purpose. Our contributions to the school included 20 personal computers equipped with Microsoft Office applications, school workbooks, and motivational sessions with the students and their parents. We also provided financial assistance to the hard-core poor students.

myJalinanAlam provides the framework for our initiatives to care for the environment. As a start, we planted 50 fruit trees at Al Khaadem Home of Hope. Another 50 trees were given away to guests who attended an ‘Adopt-a-Tree’ programme. We hope to continue this effort at other centres around the country.

ACKNOWLEDGEMENTS

On behalf of the Board of Directors, I would like to take this opportunity to thank our Chairman, Tan Sri Dr Hadenan Abdul Jalil who resigned on 16 July 2009, for his inspired leadership and invaluable contribution to Takaful Malaysia. I also would like to thank the employees, directors, business partners and most importantly of all, our customers for their support and commitment – over the past 25 years. Without them, we would not be here today.

We look forward to further strengthening our relationships in pursuit of our vision to be the “Preferred Choice for Insurance”.

myJalinanKasih menyediakan bantuan kewangan dan fizikal kepada para ibu tunggal, anak-anak yatim, orang kurang upaya dan kumpulan miskin tegar. Takaful Malaysia telah menjadikan Rumah Harapan Al Khaadem di Shah Alam sebagai rumah angkat di bawah program myJalinan Kasih. Seramai 30 orang kanak-kanak dan beberapa orang ibu tunggal yang tinggal di Rumah ini telah mendapat faedah.

myJalinanIlmu memberi tumpuan untuk membantu para pelajar dari latar belakang miskin tegar. Takaful Malaysia telah menjadikan Sekolah Kebangsaan Permatang Binjai di Pulau Pinang sebagai sekolah angkat bagi tujuan ini. Sumbangan kita kepada sekolah ini termasuklah 20 buah komputer peribadi yang lengkap dengan aplikasi Microsoft Office, buku kerja sekolah serta sesi motivasi untuk para pelajar dan ibu bapa mereka. Kita juga memberi bantuan kewangan kepada para pelajar miskin tegar.

myJalinanAlam menyediakan rangka kerja untuk inisiatif penjagaan alam sekitar kita. Buat permulaan, kita telah menanam 50 batang pokok buah-buahan di Rumah Harapan Al Khaadem. 50 pokok lagi telah diberikan kepada para tetamu yang hadir di majlis ‘Pokok Angkat’. Kita harap dapat meneruskan usaha ini di pusat-pusat lain di seluruh negara.

PENGHARGAAN

Bagi pihak Lembaga Pengarah, saya mengambil peluang ini untuk mengucapkan terima kasih kepada Pengerusi kita, Tan Sri Dr Hadenan Abdul Jalil yang telah meletakkan jawatan pada 16 Julai 2009 atas kepimpinan dan sumbangan beliau yang amat berharga kepada Takaful Malaysia. Saya juga mengucapkan terima kasih kepada para kakitangan, pengarah, rakan niaga dan yang paling penting sekali para pelanggan kita atas sokongan dan komitmen mereka sepanjang 25 tahun yang lalu. Tanpa mereka, kita tidak akan berada di kedudukan ini sekarang.

Kita berharap dapat mengeratkan perhubungan ini lagi demi mengejar wawasan kita untuk manjadi “Insurans pilihan utama”.


Kuala LumpurTarikh/ Dated: 23 September 2009


Financial Statements

Directors’ Report

Statement by Directors

Statutory Declaration

Independent Auditor’s Report

Report of the Shariah Advisory Body

Balance Sheets

Income Statements

64

69

70

71

73

74

75

Statements of Changes In Equity

Family Takaful Balance Sheet

Family Takaful Revenue Accounts

General Takaful Balance Sheet

General Takaful Revenue Accounts

Cash Flow Statements

Notes to the Financial Statements

76

77

78

80

81

83

85


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 30 June 2009.

Principal Activities

The principal activities of the Company consist of managing family and general takaful businesses, whilst the principal activities of the subsidiaries are as stated in Note 6 to the financial statements. There has been no significant change in the nature of these activities during the financial year.

Results Group Company RM’000 RM’000

Net profit for the financial year 40,454 37,182

Reserves and Provisions There were no material transfers to or from reserves and provisions during the financial year under review.

Dividends

Since the end of the previous financial year, the Company paid a final dividend of 3.5% less tax totalling RM 4,273,946 on 9 January 2009 in respect of the financial year ended 30 June 2008.

The final dividend recommended by the Directors in respect of the financial year ended 30 June 2009 is 7.25% less tax totalling RM8,853,174 calculated based on share capital at 30 June 2009.

Directors of the Company Directors who served since the date of the last report are:- Y. Bhg. Tan Sri Dr. Hadenan b. A. Jalil (Resigned on 16 July 2009)Y. A. M. Tengku Azman Ibni Almarhum Sultan Abu BakarY. Bhg. Dato’ Mohamed Hassan b. Md. KamilPuan Rozaida bt. OmarEncik Mahadzir b. AzizanY. Bhg. Dato’ Sulaiman b. Mohd YusofEncik Johan b. Abdullah

In accordance with Article 62 of the Company’s Articles of Association, Y.A.M. Tengku Azman Ibni Almarhum Sultan Abu Bakar and Puan Rozaida bt. Omar will retire at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.

Directors’ Interests

According to the register of directors’ shareholding, none of the directors in office at the end of the financial year held any interest in the shares and options over shares of the Company or its related corporations during the financial year ended 30 June 2009.

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) by reason of a contract made by the Company or a related company with the Director or with a firm of which the Director is a member, or with a company in which the Director has a substantial financial interest.

Directors’ Report for the financial year ended 30 June 2009


Directors’ Benefits (Continued)

There were no arrangements during and at the end of the financial year which had the object of enabling Directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate, apart from the Company’s and holding company’s Employees’ Share Option Scheme (“ESOS”).

Issue of Shares

During the financial year, the Company issued 1,241,000 ordinary shares of RM1 each for cash arising from the exercise of employees’ shares options at a weighted average exercise price of RM1.20 per ordinary share.

The newly issued shares under ESOS rank pari pasu in all respects with the existing shares of the Company.

There were no other changes in the issued and paid-up capital of the Company during the financial year.

Options Granted Over Unissued shares

No options were granted to any person to take up unissued shares of the Company during the year. The ESOS scheme expired on 2 November 2008 and accordingly all outstanding unexercised options lapsed.

At an extraordinary general meeting held on 28 June 2003, the Company’s shareholders approved the establishment of an employees’ share option scheme of not more than 10% of the issued share capital of the Company to eligible Directors and employees of the Group, save for employees of companies which are dormant and which are not incorporated in Malaysia.

The options offered to take up unissued ordinary shares of RM1.00 each and the option prices are as follows:

Number of Options over Ordinary Shares of RM1 each Option Balance at Balance atDate of Offer Price 1.7.2008 Granted Exercised Lapsed 30.6.2009

31.10.2003 RM1.20 1,915,000 - (1,241,000) (674,000) -

The salient features of the scheme are as follows:

(i) Eligible employees are those who have been confirmed in writing as employees of the Group (save for any subsidiaries which are dormant and which are not incorporated in Malaysia) for at least one year prior to the date of the offer.

(ii) The option is personal to the grantee and is non-assignable.

(iii) The option price shall be determined by the average of the middle market quotation of the Company’s ordinary shares as shown in the daily official list issued by Bursa Malaysia Securities Berhad (“Bursa Malaysia”) for the five trading days preceding the respective dates of the offer in writing to the grantee or at the par value of the ordinary shares of the Company, whichever is higher.

(iv) The options granted may be exercised at any time within a period of five years from the date of offer of the option or such shorter period as may be specifically stated in the offer upon giving notice in writing.

(v) The options granted may be exercised in full or in lesser number of ordinary shares provided that the number shall not be less than 1,000 new shares and not more than ten per cent (10%) of the issued and paid up share capital of the Company at the point in time when an offer is made.

(vi) The option scheme shall be in force for five years until 1 November 2008.

The persons to whom the options have been granted have no rights to participate by virtue of the options in any share issue of any other company.



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 Company’s resources, the achievement of corporate objectives and good corporate citizenship and discharges this responsibility through compliance with the Takaful (Amendment) Act, 1984 and BNM Guidelines on Duties and Responsibilities of Directors and Chief Executives of Insurers (JPIT/GPT 1) and other directives, in addition to adopting other best practices on corporate governance.

The Board comprises five 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 Company has 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 Company has complied with BNM’s Guidelines on Related Party Transactions (JPIT/GPT 7) (Consolidated). 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 35 to the financial statements.

(d) Internal Controls and Operational Risk Management

The responsibility for establishing an effective risk management and internal control system rests with the Board.

The Board has put in place an enterprise-wide risk management framework within the Company to ensure that there is an on-going process of identifying, evaluating, monitoring and managing the significant risks faced by the Company through designated management functions. Currently, there are efforts to improve its risk management process in the areas of operations, financial and other critical areas.

The group is undergoing continuous operational transformation which involves changes in the Senior Management, Information Technology systems, business process, etc. Therefore, appropriate actions have been and are currently undertaken to improve on the policies, processes and organisational structures that form key elements of internal controls.

(e) Public Accountability

As custodian of public funds, the Company’s dealings with the public are always conducted fairly, honestly and professionally.

(f) Financial Reporting

The Company has maintained proper accounting records and the Company’s financial statements are prepared in accordance with Financial Reporting Standards (“FRS”) issued by the Malaysian Accounting Standards Board (“MASB”), the provisions of the Companies Act, 1965, the Takaful (Amendment) Act, 1984 and Takaful Guidelines/Circulars issued by Bank Negara Malaysia (“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 bad debts have been written off and adequate provision made for doubtful debts;

(ii) all current assets have been stated at the lower of cost and net realisable value; and

(iii) there was adequate provision for incurred claims, including Incurred But Not Reported (“IBNR”) claims.

At the date of this report, the Directors are not aware of any circumstances:

(i) that would render the amount written off for bad debts, or the amount of the provision for doubtful 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 Group and in the Company financial statements 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.

The contingent liabilities of the Group and the Company are disclosed in Note 41 to the financial statements. As at the date of this report, there does not exist:

(i) any charge on the assets of the Group or of the Company that has arisen since the end of the financial year and which secures the liabilities of any other person, or

(ii) any contingent liabilities in respect of the Group or of the Company that has arisen since the end of the financial year.

No other contingent liabilities or other liability of any company in the Group has become enforceable, or is likely to become enforceable within the period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect the ability of the Group and of the Company to meet their obligations as and when they fall due.

For the purpose of this paragraph, contingent and other liabilities do not include liabilities arising from contracts of takaful underwritten in the ordinary course of business of the Group and the Company.

In the opinion of the Directors, other than the realised gain on disposal of investments and allowance for diminution in investments, the results of the operations of the Group and of the Company for the financial year ended 30 June 2009 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:

…………………………………………………………Encik Johan b. Abdullah

…………………………………………………………Dato’ Mohamed Hassan Md. Kamil

Kuala Lumpur,

Date: 16 September 2009



In the opinion of the Directors, the financial statements set out on pages 74 to 149 are drawn up in accordance with the provisions of the Companies Act, 1965 and Financial Reporting Standards issued by the Malaysian Accounting Standards Board and comply with the Principles of Shariah so as to give a true and fair view of the state of affairs of the Group and of the Company at 30 June 2009 and of the results of their operations and cash flows for the year ended on that date.

Signed in accordance with a resolution of the Directors:

…………………………………………………………Encik Johan b. Abdullah

…………………………………………………………Dato’ Mohamed Hassan Md. Kamil

Kuala Lumpur,


Statement by Directors pursuant to Section 169(15) of the Companies Act, 1965


I, Lee Kok Wah, 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 74 to 149 are, to the best of my knowledge and belief, correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.

Subscribed and solemnly declared by the above named in Kuala Lumpur on 16 September 2009.

………………………..…………........... Lee Kok Wah

Before me:

Statutory declaration pursuant to Section 169(16) of the Companies Act, 1965


Report on the Financial Statements

We have audited the financial statements of Syarikat Takaful Malaysia Berhad, which comprise the balance sheets as at 30 June 2009 of the Group and of the Company, and the income statements, revenue accounts, statements of changes in equity and cash flow statements of the Group and of the Company for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 74 to 149.

Directors’ Responsibility for the Financial Statements

The Directors of the Company are responsible for the preparation and fair presentation of these financial statements in accordance with Financial Reporting Standards and the Companies Act, 1965 in Malaysia. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’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 have been properly drawn up in accordance with Financial Reporting Standards and the Companies Act, 1965 in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as of 30 June 2009 and of their financial performance and cash flows for the year then ended.

Report on Other Legal and Regulatory Requirements

In accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report the following:

(a) In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and its subsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions of the Act.

(b) We have considered the accounts and the auditors’ reports of all the subsidiaries of which we have not acted as auditors, which are indicated in Note 6 to the financial statements.

(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.

Report of the Auditors’to the members of Syarikat Takaful Malaysia Berhad(Company No. 131646-K)(Incorporated in Malaysia)


Other Matters

This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act, 1965 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.

................................................ ....................................................KPMG Desa Megat & Co Khaw Hock HoeFirm Number: AF: 0759 Approval Number: 2229/04/10 (J)Chartered Accountants Chartered Accountant


Report of the Auditors’to the members of Syarikat Takaful Malaysia Berhad(Company No. 131646-K)(Incorporated in Malaysia)


We, Datuk Abdul Hamid b. Said and Mohd Bakir Haji Mansor, being two of the members of Shariah Advisory Body of Syarikat Takaful Malaysia Berhad, do hereby confirm on behalf of the Body, that in our opinion, the operations of the Company for the year ended 30 June 2009 have been conducted in conformity with Shariah requirements.

On behalf of the Shariah Advisory Body :

…………………………………………………….Mohd Bakir Haji Mansor

………….................................................................Datuk Abdul Hamid b. Said

Kuala Lumpur,


Report Of The Shariah Advisory Body


The accompanying notes to the financial statements form an integral part of, and should be read in conjunction with, these financial statements.

Group Company Note 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000ASSETSShareholders’ assetsProperty and equipment 3 32,456 42,237 26,868 35,477 Prepaid lease payments 4 3,291 3,618 1,241 1,271 Investment properties 5 11,156 26,369 10,865 25,825 Investment in subsidiaries 6 - - 72,247 27,550 Investment in associates 7 - - - - Investments 8 267,984 137,305 202,353 113,050 Financing receivables 9 14,018 12,702 13,411 12,003 Deferred tax assets 16 8,185 16,640 4,295 12,438 Qardh Hasan - Receivables 10 31,722 80,861 28,274 80,861 Receivables 11 46,741 16,945 29,202 13,833 Assets held for sale 12 1,471 39,364 1,471 22,872 Cash and bank balances 13 7,596 9,743 6,473 8,297

Total Shareholders’ assets 424,620 385,784 396,700 353,477 Total Family takaful assets (page 77) 3,364,426 3,100,760 3,167,422 2,917,475 Total General takaful assets (page 80) 640,607 592,282 596,592 544,801 Less : Interfund balances (57,418) (31,527) (41,834) (19,493)

TOTAL ASSETS 4,372,235 4,047,299 4,118,880 3,796,260

LIABILITIESShareholders’ liabilitiesLiabilities held for sale 12 - 3,233 - - Payables 14 46,476 44,391 33,077 22,976 Provision for taxation 699 2,125 395 1,671

Total Shareholders’ liabilities 47,175 49,749 33,472 24,647 Total Family takaful liabilities (page 77) 249,052 189,494 222,371 167,563 Total General takaful liabilities (page 80) 303,640 315,105 270,135 276,185 Less : Interfund balances (57,418) (31,527) (41,834) (19,493)

542,449 522,821 484,144 448,902 Family takaful fund 18 3,115,374 2,911,266 2,945,051 2,749,912 General takaful fund 19 336,967 277,177 326,457 268,616

TOTAL LIABILITIES 3,994,790 3,711,264 3,755,652 3,467,430

SHAREHOLDERS’ EQUITYShare Capital 21 162,817 161,576 162,817 161,576 Reserves 186,677 142,789 200,411 167,254

Total equity attributable to shareholders of the Company 349,494 304,365 363,228 328,830 Minority interest 17 27,951 31,670 - -

Total Equity 377,445 336,035 363,228 328,830

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 4,372,235 4,047,299 4,118,880 3,796,260

Balance Sheetsas at 30 June 2009


Group Company Note 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000

Operating revenue 23 1,049,134 1,075,834 871,077 888,230

Transfer from revenue accounts Family takaful 66,149 108,162 56,979 90,416 General takaful 81,583 61,451 78,961 59,932 Wakalah fee income 38,718 33,021 9,427 - Investment income 24 9,289 9,487 6,678 5,975 Other operating income 25 17,850 27,478 11,287 21,384 Management expenses 26 (148,420) (142,189) (112,886) (121,429)Other operating expenses 27 (15,454) (59,500) (4,615) (10,159)

Profit from operations 49,715 37,910 45,831 46,119 Finance costs - - - -

Profit before zakat and taxation 49,715 37,910 45,831 46,119 Zakat (862) (4,050) (506) (3,460)Taxation 31 (8,399) (9,222) (8,143) (11,618)

Profit for the year 40,454 24,638 37,182 31,041

Attributable to: Shareholders of the Company 39,394 29,705 37,182 31,041 Minority interest 1,060 (5,067) - -

Profit for the year 40,454 24,638 37,182 31,041

Earnings per share Basic earnings per share (sen) 32 24.2 18.7 Diluted earnings per share (sen) 32 24.2 18.7

Income Statements for the year ended 30 June 2009



Group Non – distributable Distributable Share Share Translation Retained Minority capital premium reserve profits interest Total RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

At 1 July 2007 156,302 2,795 (3,984) 119,082 37,704 311,899 Exchange differences - - (1,700) - (967) (2,667)Net loss not recognised in the income statement - - (1,700) - (967) (2,667)Issue of shares - Cash 5,274 1,054 - - - 6,328 Net profit for the year - - - 29,705 (5,067) 24,638 Interim dividend for the financial year 2008 (Note 22) - - - (4,163) - (4,163)

At 30 June 2008 161,576 3,849 (5,684) 144,624 31,670 336,035

At 1 July 2008 161,576 3,849 (5,684) 144,624 31,670 336,035 Exchange differences - - 2,042 - 1,698 3,740 Net gain not recognised in the income statement - - 2,042 - 1,698 3,740 Issue of shares - Cash 1,241 249 - - - 1,490 Acquisition of additional interest in a subsidiary - - - 6,477 (6,477) - Net profit for the year - - - 39,394 1,060 40,454 Final dividend for the financial year 2008 (Note 22) - - - (4,274) - (4,274)

At 30 June 2009 162,817 4,098 (3,642) 186,221 27,951 377,445

Company Non - distributable Distributable Share Share Retained capital premium profits Total RM’000 RM’000 RM’000 RM’000

At 1 July 2007 156,302 2,795 136,527 295,624

Issue of shares 5,274 1,054 - 6,328

Net profit for the year - - 31,041 31,041

Interim dividend for the financial year 2008 (Note 22) - - (4,163) (4,163)

At 30 June 2008/1 July 2008 161,576 3,849 163,405 328,830

Issue of shares 1,241 249 - 1,490

Net profit for the year - - 37,182 37,182

Final dividend for the financial year 2008 (Note 22) - - (4,274) (4,274)

At 30 June 2009 162,817 4,098 196,313 363,228

Statements of Changes in Equityfor the year ended 30 June 2009




AssetsProperty and equipment 3 - 261 - 261 Investment properties 5 204,983 219,552 196,097 211,453 Investment-linked Takaful assets 34 193,606 175,459 141,477 130,840 Investments 8 2,785,629 2,466,908 2,666,468 2,388,516 Financing receivables 9 9,382 19,695 5,662 3,073 Receivables 11 116,768 111,969 108,936 87,927 Assets held for sale 12 800 - 800 - Cash and bank balances 13 53,258 106,916 47,982 95,405

Total family takaful assets 3,364,426 3,100,760 3,167,422 2,917,475

Liabilities Payables 14 186,322 129,538 167,091 114,441 Provision for outstanding claims 15 48,130 49,547 40,680 42,713 Investment-linked Takaful liabilities 34 14,600 10,409 14,600 10,409

Total family takaful liabilities 249,052 189,494 222,371 167,563

Participants’ fund Family takaful fund 18 3,115,374 2,911,266 2,945,051 2,749,912

Total family takaful liabilities and participants’ fund 3,364,426 3,100,760 3,167,422 2,917,475

Family Takaful Balance Sheet as at 30 June 2009




Gross contributions 23 524,867 655,890 433,007 538,546 Retakaful (12,030) (16,324) (1,779) (4,612)Increase in actuarial reserves 18 (8,270) (53,458) (9,742) (52,385)

Net contributions 504,567 586,108 421,486 481,549 Benefits paid and payable Death/disability (116,368) (124,906) (108,859) (119,069)Maturities (29,931) (19,099) (22,177) (10,863)Surrenders (121,744) (119,673) (111,744) (105,872)Medical (18,196) (11,898) (9,330) (196)Others 7,599 13,157 3,726 7,240

(278,640) (262,419) (248,384) (228,760)

Wakalah fee (22,429) (15,312) (9,427) - Net admin fee (15,207) (8,857) (15,207) (8,857)

188,291 299,520 148,468 243,932

Underwriting profit- Individual Family 103,289 195,238 82,451 174,533 Underwriting profit - Group Family and others 84,689 103,506 65,704 68,623 Underwriting profit- Group Family ILB 313 776 313 776 188,291 299,520 148,468 243,932 Less: Underwriting profit- Individual Family (103,289) (195,238) (82,451) (174,533)

Underwriting profit- Group Family and others & Group Family ILB 85,002 104,282 66,017 69,399 Investment income 24 138,850 117,439 132,607 112,750 Other operating income 25 21,408 57,973 34,084 51,271 Other operating expenses 27 (41,540) 6,914 (36,053) 12,163

Total profit for the year after excluding underwriting profit for Individual Family 203,720 286,608 196,655 245,583

Family Takaful Revenue Accountsfor the year ended 30 June 2009




Total profit for the year after excluding underwriting profit for Individual Family 203,720 286,608 196,655 245,583 Less: Allocation of special reserves (3,625) (5,116) (3,625) (5,116)

Profit attributable to the Company and participants for the year after excluding underwriting profit for Individual Family 200,095 281,492 193,030 240,467 Profit attributable to education plan transferred to payables - (53) - (53)Profit attributable to the Company transferred to income statement (66,149) (108,162) (56,979) (90,416)

133,946 173,277 136,051 149,998 Profit payable to participants (2,909) - (2,909) -

Profit attributable to participants for the year 131,037 173,277 133,142 149,998

Family takaful funds at the beginning of the year 2,911,266 2,374,844 2,749,912 2,291,510 Underwriting profit – Individual Family 103,289 195,238 82,451 174,533 Profit attributable to participants for the year 131,037 173,277 133,142 149,998 Movement for the year:- Actuarial reserves 8,270 53,458 9,742 52,385 - Interfund - 29,963 - - - Unrealised loss in value of investments - (4,491) - (4,491)- Qardh Hasan (55,840) 94,280 (52,587) 80,861 - Seed capital 18,766 - 18,766 - Special reserve 3,625 5,116 3,625 5,116 Translation reserves (5,039) (10,419) - -

Family takaful fund at the end of the year 3,115,374 2,911,266 2,945,051 2,749,912

Family Takaful Revenue Accountsfor the year ended 30 June 2009




Assets Property and equipment 3 - 6 - 6 Investment properties 5 28,954 43,052 28,954 43,052 Investments 8 525,028 425,104 502,427 400,956 Financing receivables 9 3,478 2,024 3,478 2,024 Receivables 11 74,221 81,819 56,047 63,900 Cash and bank balances 13 8,926 40,277 5,686 34,863

Total general takaful assets 640,607 592,282 596,592 544,801

Liabilities Payables 14 132,235 129,507 124,931 121,752 Provision for outstanding claims 15 171,405 185,598 145,204 154,433

Total general takaful liabilities 303,640 315,105 270,135 276,185

Participants’ fund General takaful fund 19 336,967 277,177 326,457 268,616

Total general takaful liabilities and participants’ fund 640,607 592,282 596,592 544,801

General Takaful Balance Sheet as at 30 June 2009



Marine

Fire Motor Aviation & Transit Miscellaneous Total

Note 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Group

Gross contributions 23 118,222 80,127 126,943 83,475 12,504 12,126 95,182 93,376 352,851 269,104

Retakaful (62,023) (33,843) (2,787) (3,139) (6,640) (9,107) (41,865) (40,515) (113,315) (86,604)

Net contributions 56,199 46,284 124,156 80,336 5,864 3,019 53,317 52,861 239,536 182,500

Decrease/(Increase)

in unearned

contribution reserves 20 (4,711) 2,997 (24,830) 1,915 202 1,491 (6,462) 6,114 (35,801) 12,517

Earned contributions 51,488 49,281 99,326 82,251 6,066 4,510 46,855 58,975 203,735 195,017

Net claims incurred 33 1,804 (14,794) (59,183) (62,830) (3,222) (2,124) (16,207) (25,245) (76,808) (104,993)

Wakalah fee (3,683) (3,037) (7,136) (7,642) (1,033) (1,326) (4,437) (5,704) (16,289) (17,709)

Net admin fee 2,851 4,961 (6,033) (871) (1,148) (417) (5,302) (2,818) (9,632) 855

Underwriting surplus 52,460 36,411 26,974 10,908 663 643 20,909 25,208 101,006 73,170

Investment income 24 23,277 23,914

Other operating income 25 10,568 19,178

Other operating expenses 27 (8,763) (21,940)

Total profit for the year 126,088 94,322

Transfer to income statement (81,583) (61,451)

Participants’ share of profit 44,505 32,871

Profit payable to participants (23,494) (19,754)

Profit attributable to

participants for the year 21,011 13,117


participants at beginning

of the year 40,639 27,522


participants at the end

of the year 61,650 40,639

Unearned contribution

reserves 20 230,121 194,320

Special reserves 23,061 23,061

Statutory liabilities

– Qardh Hasan 19,245 16,893

Translation differences 2,890 2,264

General Takaful fund at

end of the year 336,967 277,177

General Takaful Revenue Accountsfor the year ended 30 June 2009



Marine

Fire Motor Aviation & Transit Miscellaneous Total

Note 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Company

Gross contributions 23 82,817 64,019 109,741 64,448 8,242 6,218 75,494 73,356 276,294 208,041

Retakaful (41,019) (27,799) (916) (2,454) (5,340) (7,814) (33,451) (34,671) (80,726) (72,738)

Net contributions 41,798 36,220 108,825 61,994 2,902 (1,596) 42,043 38,685 195,568 135,303

Decrease/(Increase) in

unearned contribution

reserves 20 (5,741) 3,135 (24,198) 2,835 222 1,455 1,279 7,362 (28,438) 14,787

Earned contributions 36,057 39,355 84,627 64,829 3,124 (141) 43,322 46,047 167,130 150,090

Net claims incurred 33 4,576 (10,564) (49,175) (51,688) (2,552) 2,197 (12,370) (19,016) (59,521) (79,071)

Net admin fee 5,296 7,127 (5,927) (832) (522) 181 (3,793) (931) (4,946) 5,545

Underwriting surplus 45,929 35,918 29,525 12,309 50 2,237 27,159 26,100 102,663 76,564

Investment income 24 22,491 22,918

Other operating income 25 10,566 17,492

Other operating expenses 27 (4,117) (21,158)

Total profit for the year 131,603 95,816

Transfer to income statement (78,961) (59,932)

Participants’ share of profit 52,642 35,884

Profit payable to participants (23,239) (19,451)

Profit attributable to participants

for the year 29,403 16,433


at beginning of the year 63,393 46,960


at end of the year 92,796 63,393

Unearned contribution

reserves 20 210,600 182,162

Special reserves 23,061 23,061

General takaful fund at

end of the year 326,457 268,616

General Takaful Revenue Accountsfor the year ended 30 June 2009



Cash Flow Statementsfor the year ended 30 June 2009

Group Company 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000

Cash flows from operating activitiesProfit before zakat and taxation 49,715 37,910 45,831 46,119 Adjustments for: Depreciation and amortisation: - Shareholders’ Fund 10,817 17,602 9,163 16,188 - Family Takaful Fund 261 54 261 55 - General Takaful Fund 6 1 6 1 Fair value change of investment properties (18,021) (15,689) (17,276) (15,685) Income from financing receivables (1,615) (864) (1,253) (479) Income from Islamic Debt Securities, Investment Accounts and Islamic Accepted Bills (123,067) (111,297) (114,470) (104,871) Profit from Malaysian Government Investment Certificates (19,109) (18,266) (18,116) (18,266) Dividend income from Shariah approved shares (12,989) (6,858) (12,912) (6,858) Gain on disposal of quoted shares and unit trusts (2,039) (57,675) (14,980) (51,323) Gain on disposal of property and equipment (61) - (26) - Gain on disposal of investment properties (1,506) (111) (1,506) (26) Loss/(Gain) on foreign exchange 4,219 (2,045) - - Write off of investments and equipment 2,997 4,617 2,997 4,614 Accretion of discounts (5,195) (2,416) (5,195) (2,416) Allowance for/(Reversal of) diminution in value of investments - Shareholders’ Fund 2,192 (3,272) 1,666 (3,189) - Family Takaful Fund 9,649 (1,798) 9,785 (1,799) - General Takaful Takaful Fund 1,661 (2,110) 1,343 (2,110) - Investment-linked Takaful Fund 13,891 4,491 9,520 4,491 Impairment loss of investment in a subsidiary - 20,308 - 8,513 Reversal of non-performing financing: - Shareholders’ Fund (2,045) (248) (2,045) (248) - Family Takaful Fund (3,203) (982) (3,276) (982) - General Takaful Fund (1,950) (822) (1,950) (822)

Operating loss before working capital changes (95,392) (139,470) (112,433) (129,093)




Operating loss before working capital changes (95,392) (139,470) (112,433) (129,093) Increase in Family Takaful Fund 204,108 536,422 195,139 458,402 Increase in General Takaful Fund 59,790 16,809 57,841 1,646 Increase in investments (554,308) (337,222) (476,383) (314,357)Income from Islamic Debt Securities, Investment Accounts, Islamic Accepted Bills and profit from Malaysian Government Investment Certificates 123,067 129,563 106,661 123,137 Dividend income 12,989 6,858 12,912 6,858 Increase/(Decrease) in payables (including claim admitted but not paid) 23,822 (71,764) 39,419 (13,947)Decrease/(Increase) in receivables 86,224 (51,767) 70,357 (50,316)

(139,700) 89,429 (106,487) 82,330 Zakat paid (3,226) (3,361) (3,414) (2,820)Income taxes paid (1,370) (2,796) (1,276) (2,500)

Net cash (used in)/generated from operating activities (144,296) 83,272 (111,177) 77,010

Cash flows from investing activitiesPurchase of property and equipment (4,845) (15,652) (4,152) (14,635)Purchase of shares in subsidiary - (247) (21,825) (34)Proceeds from sale of investment properties 61,506 1,244 61,506 - Proceeds from sale of property and equipment 156 177 76 171

Net cash generated from/(used in) investing activities 56,817 (14,478) 35,605 (14,498)

Cash flows from financing activitiesProceeds from issuance of shares 1,490 6,328 1,490 6,328 Dividends paid to shareholders of the Company (4,274) (4,163) (4,274) (4,163)

Net cash (used in)/generated from financing activities (2,784) 2,165 (2,784) 2,165

Net (decrease)/increase in cash and cash equivalents (90,263) 70,959 (78,356) 64,677 Cash and cash equivalents at the beginning of financial year 167,321 96,362 144,854 80,177

Cash and cash equivalents at the end of financial year 77,058 167,321 66,498 144,854

Cash and cash equivalents comprise: Cash and bank balances - Shareholders’ fund (Note 13) 7,596 9,743 6,473 8,297 - Family Takaful fund (Note 13) 53,258 106,916 47,982 95,405 - Investment-linked Takaful fund (Note 34) 7,278 9,933 6,357 6,289 - General Takaful fund (Note 13) 8,926 40,277 5,686 34,863 - Assets held for sale (Note 12) - 452 - -

77,058 167,321 66,498 144,854

Cash Flow Statementsfor the year ended 30 June 2009



Syarikat Takaful Malaysia Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of the Bursa Malaysia Securities Berhad. The address of its registered office and principal place of business of the Company is located at:

26th Floor, Annex BlockDataran Kewangan Darul TakafulNo. 4, Jalan Sultan Sulaiman50000 Kuala Lumpur

The consolidated financial statements of the Company as at and for the year ended 30 June 2009 comprise the Company and its subsidiaries (together referred to as the Group). The financial statements of the Company as at and for the year ended 30 June 2009 do not include other entities.

The Company is principally engaged in managing family and general takaful businesses, whilst the principal activities of the subsidiaries, are as stated in Note 6 to the financial statements. There has been no significant change in the nature of these activities during the financial year.

The immediate and ultimate holding company is BIMB Holdings Berhad, a company incorporated in Malaysia and listed on the Bursa Malaysia Securities Berhad.

The financial statements were approved by the Board of Directors on 16 September 2009.

1. Basis of preparation

(a) Statement of compliance

The financial statements of the Group and of the Company have been prepared in accordance with Financial Reporting Standards (FRS) issued by the Malaysian Accounting Standards Board (MASB), accounting principles generally accepted in Malaysia and the provisions of the Companies Act, 1965, the Takaful (Amendment) Act, 1984 and Takaful Guidelines/ Circulars issued by Bank Negara Malaysia. These financial statements also comply with the applicable disclosure provisions of the Main Market Listing Requirements of the Bursa Malaysia Securities Berhad.

The Group and the Company have not applied the following accounting standards, amendments and interpretations that have been issued by the Malaysian Accounting Standards Board (MASB) but are not yet effective to the Group and Company:

FRSs / Interpretations Effective date Amendments to FRS 1, First-time Adoption of Financial Reporting Standards and FRS 127, 1 January 2010 Consolidated and Separate Financial Statements: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate Amendments to FRS 2, Share-based Payment: Vesting Conditions and Cancellations 1 January 2010 FRS 4, Insurance Contracts 1 January 2010 FRS 7, Financial Instruments: Disclosures 1 January 2010 FRS 8, Operating Segments 1 July 2009 FRS 123, Borrowing Costs 1 January 2010 FRS 139, Financial Instruments: Recognition and Measurement 1 January 2010 IC Interpretation 9, Reassessment of Embedded Derivatives 1 January 2010 IC Interpretation 10, Interim Financial Reporting and Impairment 1 January 2010 IC Interpretation 11, FRS 2 - Group and Treasury Share Transactions 1 January 2010 IC Interpretation 13, Customer Loyalty Programmes 1 January 2010 IC Interpretation 14, FRS 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and Their Interaction 1 January 2010

Notes to the financial statements



1. Basis of preparation (Continued) (a) Statement of compliance (continued)

The Group plans to apply FRS 8 from the annual period beginning on 1 July 2009. The Group and the Company plan to apply the other standards, amendments and interpretations from the annual period beginning on 1 July 2010 except for IC Interpretations 13 and 14 which are not applicable.

The impact of applying FRS 4, FRS 7 and FRS 139 on the financial statements upon first adoption as required by paragraph 30(b) of FRS 108, Accounting Policies, Changes in Accounting Estimates and Errors is not disclosed by virtue of the exemption given in the respective FRSs. The initial application of the other standards, amendments and interpretations is not expected to have any material impact on the financial statements or any material change in accounting policy except as follows:

FRS 8, Operating Segments

FRS 8 will become effective for financial statements of the Group for the year ending 30 June 2010. FRS 8, which replaces FRS 1142004, Segment Reporting, requires identification and reporting of operating segments based on internal reports that are regularly reviewed by the chief operating decision maker of the Group in order to allocate resources to the segment and to assess its performance. Currently, the Group presents segment information in respect of its geographical segments (see Note 38). The adoption of FRS 8 will not have any significant impact on the financial statements of the Group other than expanded disclosure requirements.

IC Interpretation 10, Interim Financial Reporting and Impairment

IC Interpretation 10 will become effective for the financial statements of the Group and the Company for the financial year ending 30 June 2011. IC Interpretation 10 prohibits the reversal of an impairment loss that has been recognised in an interim period during a financial year in respect of goodwill, an investment in an equity instrument or a financial asset carried at cost. In accordance with the transitional provisions, the Group and the Company will apply IC Interpretation 10 to goodwill, investments in equity instruments, and financial assets carried at cost prospectively from the date the Group and the Company first applied the measurement criteria of FRS 136, Impairment of Assets and FRS 139, Financial Instruments: Recognition and Measurement respectively.

(b) Basis of measurement

The financial statements of the Group and of the Company have been prepared on the historical cost basis except as disclosed in the notes to the financial statements.

(c) Functional and presentation currency

These financial statements are presented in Ringgit Malaysia (RM), which is the Company’s functional currency. All financial information presented in RM has been rounded to the nearest thousand, unless otherwise stated.

(d) Use of estimates and judgements

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, income and expenses. Actual result may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.



1. Basis of preparation (Continued)

(d) Use of estimates and judgements (continued)

In particular, information about significant areas of estimation uncertainties and critical judgments in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements are described in the following notes:

• Notes 2 (o) & 2 (p) & Note 18 – Provision for outstanding claims, Family takaful funds and actuarial reserves.• Note 5 – Investment properties

2. Summary of significant accounting policies

The accounting policies set out below have been applied consistently to periods presented in these financial statements, and have been applied consistently by Group entities, unless otherwise stated.

(a) Basis of consolidation

(i) Subsidiaries

Subsidiaries are entities, including unincorporated entities, controlled by the Group. Control exists when the Group has the ability to exercise its power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable are taken into account. Subsidiaries are consolidated using the purchase method of accounting.

Under the purchase method of accounting, the financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.

For business combinations where the Group’s equity interest in a subsidiary company is increased by virtue of a subscription to a higher proportion of the subsidiary company’s new issue of shares as compared to its existing equity interest and where the share issue price is above or below the subsidiary company’s net asset value, the resultant dilution or accretion of its share of net assets in the subsidiary company is recognised in equity.

Investments in subsidiaries are stated in the Company’s balance sheet at cost less any impairment losses, unless the investment is classified as assets held for sale (or included in a disposal group that is classified as held for sale).

(ii) Associates

Associates are entities, including unincorporated entities, in which the Group has significant influence, but not control, over the financial and operating policies.

Associates are accounted for in the consolidated financial statements using the equity method unless it is classified as held for sale (or included in a disposal group that is classified as held for sale). The consolidated financial statements include the Group’s share of the income and expenses of the equity accounted associates, after adjustments 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 exceed its interest in an equity accounted associate, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee.



2. Summary of significant accounting policies (Continued)

(a) Basis of consolidation (continued)

(iii) Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements.

Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee.

Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

(iv) Minority interest

Minority interest at the balance sheet date, being the portion of the net identifiable assets of subsidiaries attributable to equity interests that are not owned by the Company, whether directly or indirectly through subsidiaries, are presented in the consolidated balance sheet and statement of changes in equity within equity, separately from equity attributable to the equity holders of the Company. Minority interest in the results of the Group are presented on the face of the consolidated income statement as an allocation of the total profit or loss for the year between minority interest and the equity holders of the Company.

Where losses applicable to the minority exceed the minority’s interest in the equity of a subsidiary, the excess, and any further losses applicable to the minority, are charged against the Group’s interest except to the extent that the minority has a binding obligation to, and is able to, make additional investment to cover the losses. If the subsidiary subsequently reports profits, the Group’s interest is allocated with all such profits until the minority’s share of losses previously absorbed by the Group has been recovered.

(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 balance sheet date are retranslated to the functional currency at the exchange rate at that date. Non-monetary assets and liabilities denominated in foreign currencies are translated at exchange rates at the dates of the transactions except for those that are measured at fair value, which 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 the income statements.

(ii) Operations denominated in functional currencies other than Ringgit Malaysia

The assets and liabilities of operations in functional currencies other than RM, including goodwill and fair value adjustments arising from business combinations, are translated to RM at exchange rates at the balance sheet date, except for goodwill and fair value adjustments arising from business combinations before 1 January 2006 which are reported using the exchange rates at the dates of the acquisitions. The income and expenses of operations in functional currencies other than RM, are translated to RM at exchange rates at the dates of the transactions.

Foreign currency differences are recognised in translation reserve. On disposal of such operations, the accumulated translation differences are recognised in the consolidated income statement as part of the gain or loss on sale.




(b) Foreign currency (continued)

(iii) Net investment in foreign operations

Exchange differences arising from monetary items that in substance form part of the Company’s net investment in foreign operations, are recognised in the Company’s income statement. Such exchange differences are reclassified to equity in the consolidated financial statements. Deferred exchange differences are recognised in the consolidated income statement upon disposal of the investment.

(c) Property and equipment

(i) Recognition and measurement

Freehold land is stated at cost. All other property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any.

Cost includes expenditures that are directly attributable to the acquisition of the asset and any other costs directly attributable to bringing the assets to working condition for its intended use and the costs of dismantling and removing the items and restoring the site on which they are located. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.

When significant parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment.

Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with carrying amount of property and equipment and are recognised at net within “other operating income” or “other operating expenses” respectively in the income statements/revenue accounts.

(ii) Subsequent costs

The cost of replacing part of an item of property and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and the Company and its cost can be measured reliably. The carrying amount of those parts that are replaced is derecognised. The costs of the day-to-day servicing of property and equipment are recognised in the income statements/revenue accounts as incurred.

(iii) Depreciation

Depreciation is recognised in the income statements/revenue accounts on a straight-line basis over the estimated useful lives of each part of an item of property, plant 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, plant and equipment under construction are not depreciated until the assets are ready for their intended use.




(c) Property and equipment (continued)

(iii) Depreciation (continued)

The estimated annual depreciation rates for the current and comparative periods are as follows:

Buildings 2%Renovation 16.7%Furniture, fixtures and fittings 16.7% - 20%Motor vehicles 20%Computer and equipment 16.7% - 33.3%

The depreciable amount is determined after deducting the residual value.

Depreciation methods, residual values and useful lives are reassessed at the balance sheet date.

(d) Leased assets

(i) Finance lease

Leases in terms of which the Group or the Company assume substantially all the risks and rewards of ownership are classified as finance leases. 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 interest on the remaining balance of the liability. Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed.

(ii) Operating lease

Leases, where the Group or the Company does not assume substantially all the risks and rewards of the ownership are classified as operating leases and, except for property interest held under operating lease, the leased assets are not recognised on the Group or the Company’s balance sheet. 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. Leasehold land that normally has an indefinite economic life and title is not expected to pass to the lessee by the end of the lease term is treated as an operating lease. The payment made on entering into or acquiring a leasehold land is accounted for as prepaid lease payments, except for leasehold land classified as investment property.

Payments made under operating leases are recognised in the income statements on a straight-line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease.




(e) Investments

Investments are recognised initially at purchase price plus attributable transaction costs.

Subsequent to initial recognition:

• Investments in Government Islamic Papers (Government Investment Issues and other Islamic instruments issued by the Government or Bank Negara Malaysia (“BNM”)), Malaysian Government Securities, Islamic debt securities and other investments as specified by BNM and held to maturity are stated at cost adjusted for amortisation of premiums or accretion of discounts, calculated on a constant yield basis, from the date of purchase to maturity date. The amortisation of premiums and accretion of discounts are recognised in the revenue accounts / income statements.

• Quoted investments are stated at the lower of cost and market value determined on an aggregate portfolio basis by category of investments except that if diminution in value of a particular investment is not regarded as temporary, provision is made against the value of that quoted investments.

• All other unquoted investments are stated at the lower of cost and net realisable value.

• Investments in quoted shares, unit trusts, and securities of investment-linked takaful funds are stated at the closing market prices.

• Unquoted Islamic debts securities and investment in commodity, equity and fixed income closed end fund of the investment-linked takaful funds are stated at the prevailing prices quoted by independent financial institutions. Any increase or decrease in value of these investments is taken into the investment-linked takaful business revenue accounts.

Allowance for diminution in value of investments are charged directly to the revenue account of the takaful funds and to the income statements. Subsequent increase in market value of the quoted investments are treated as a write back of the previous allowance for diminution in value of investments to the extent of the carrying amount of the quoted investments that would have been determined had no diminution in value had been recognised.

On disposal of an investment, the difference between net disposal proceeds and its carrying amount is recognised in the revenue accounts / income statements.

All investments in debt and equity securities are accounted for using settlement date accounting. Settlement date accounting refers to:

(a) the recognition of an asset on the day it is received by the entity, and (b) the derecognition on an asset and recognition of any gain or loss on disposal on the date it is delivered.

(f) Investment properties

Investment properties are properties which are owned or held under a leasehold interest to earn rental income or for capital appreciation or for both. These include land held for a currently undetermined future use.

Investment properties are initially stated at cost, including related and incidental expenditure incurred and are measured subsequently at fair value with any change therein recognised in the income statements / revenue accounts.

External independent valuation companies, having the appropriate recognised professional qualifications, values the Group’s investment properties on an annual basis. The fair values 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.

Investment properties are not depreciated. On disposal of investment properties, the difference between the net proceeds and the carrying amounts are recognised in the income statements / revenue accounts as appropriate.




(g) Financing receivables

Financing receivables are initially recognised at their cost when the contractual right to receive cash or another financial asset from another entity is established. Financing receivables are not held for the purpose of trading.

Subsequent to initial recognition, receivables are stated at cost less allowance for doubtful debts.

Known bad debts are written off and specific provisions is made for any financing, which remains outstanding for more than six months from the date on which they became payable, and for all debts which are considered doubtful.

(h) Receivables

Receivables are initially recognised at their cost when the contractual right to receive cash or another financial asset from another entity is established. Receivables are not held for the purpose of trading.

Subsequent to initial recognition, receivables are stated at cost less allowance for doubtful debts.

Known bad debts are written off and specific allowance for doubtful debts is made as follows:

(a) Motor contributions which remain outstanding for more than 30 days. (b) Non-motor contributions including agents and reinsurance balances, which remain outstanding for more than six

months.

(i) Non-current assets held for sale

Non-current assets (or disposal groups comprising assets and liabilities) that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets (or components of a disposal group) are remeasured in accordance with the Group’s accounting policies. Thereafter, generally the assets (or disposal group) are measured at the lower of their carrying amount and fair value less cost to sell. Any impairment loss on a disposal group is first allocated to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to financial assets, deferred tax assets and investment property, which continue to be measured in accordance with the Group’s accounting policies. Impairment losses on initial classification as held for sale and subsequent gains or losses on remeasurement are recognised in the income statements /revenue accounts. Gains are not recognised in excess of any cumulative impairment loss.

(j) Cash and cash equivalents

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 value.

(k) Impairment of assets

The carrying amounts of assets, except for financial assets (other than investments in subsidiaries and associates) and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.

An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statements/revenue accounts. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.




(k) Impairment of assets (continued)

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. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that largely independent of the cash inflows of other assets or group of assets (the “cash generating unit”). An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date 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. 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. Reversal of impairment loss is credited to the income statements / revenue accounts in the year in which the reversal is recognised.

(l) Employee benefits

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 provision is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

The Group’s contribution to the statutory pension fund is charged to the income statement in the year to which they relate. Once the contributions have been paid, the Group has no further payment obligations.

(m) Provisions

A provision is recognised if, as a result of a past event, the Group and the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. Contingent liabilities do not include liabilities arising from contracts of takaful underwritten in the ordinary course of business of the Group and the Company.

(n) Payables

Payables are measured initially and subsequently at cost. Payables are recognised when there is a contractual obligation to deliver cash or another financial asset to another entity.




(o) General takaful fund

The general takaful fund is maintained in accordance with the Takaful Act, 1984 (amendment). Included in general takaful fund is fund arising from: • General takaful;• Asean Takaful Group (ATG) retakaful pool; and • General retakaful funds.

The general takaful underwriting results are determined for each class of takaful businesses after taking into account retakaful, unearned contributions, claims incurred and management expenses.

Contribution income

Contributions are recognised in a financial period in respect of risks assumed during that particular financial period based on the inception date. Inward treaty retakaful contributions are recognised on the basis of periodic advices received from ceding takaful operators.

Unearned contribution reserves

The Unearned Contribution Reserves (“UCR”) represent the portion of the net contributions of takaful certificates written that relate to the unexpired periods of the certificates at the end of the financial year.

In determining the UCR at balance sheet date, the method that most accurately reflects the actual unearned contributions is used, as follows:

(a) 1/365th method for all General Takaful business within Malaysia.(b) 1/8th method for all classes of General Treaty Inward Retakaful business.

Provision for outstanding claims

A liability for outstanding claims is recognised in respect of direct takaful business. The amount of outstanding claims is the best estimate of the expenditure required together with related expenses less recoveries, if any, to settle the present obligation at the balance sheet date. Any difference between the current estimated cost and subsequent settlement is dealt with in the takaful revenue accounts for the Group and the Company in the year in which the settlement takes place.

Provision is also made for the cost of claims, together with related expenses, incurred but not reported (“IBNR”) at balance sheet date, using a mathematical method of estimation by a qualified external actuary where historical claims experience are used to project future claims. 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.

(p) Family takaful fund

Included in family takaful fund is fund arising from:-

• Family takaful; • Group family takaful; and • Family retakaful funds.




(p) Family takaful fund (continued)

The family takaful fund is maintained in accordance with the requirements of the Takaful (Amendment) Act, 1984 and includes the amounts attributable to participants which represents the participants’ share of the underwriting surplus and return on the investments, where applicable and are distributable in accordance with the terms and conditions prescribed by the Group and the Company.

The surplus transfer from the family takaful fund to the income statements is based on the predetermined profit sharing ratio of the underwriting surplus and return on investments.

Contribution income

Contribution is recognised as soon as the amount of the contribution can be reliably measured. Initial contribution is recognized 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 takaful business

Investments of investment-linked takaful business are stated at closing market prices. Any increase or decrease in value of these investments is taken into the investment-linked takaful business revenue accounts.

Actuarial reserves

Actuarial reserves comprise the unearned contribution reserves and the reserve computed under the net contribution valuation as explained below :

(i) Unearned contribution reserve

The Unearned Contribution Reserve (“UCR”) of group family fund (except for Mortgage Reducing Term Takaful (“MRTT”) as detailed below) and family retakaful fund represents the portion of the net contributions of takaful certificates written that relate to the unexpired periods of the certificates at the end of the financial year.

In determining the UCR at balance sheet date, the method that most accurately reflects the actual unearned contributions is used, as follows:

(a) 1/365th method for all group family takaful business within Malaysia. (b) A pro-rata basis based on a time apportionment method for family retakaful business.

(ii) Net contribution valuation

The actuarial liabilities for MRTT products managed under group family fund and Participants’ Special Account (“PSA”) are calculated using the net contribution method of valuation (“NCV”). The liabilities are ascertained by deducting the present value of future net contribution from the present value of the future amount-at-risk. As with all projections, there are elements of uncertainty and the projected liability may be different from actual.

These uncertainties arise from changes in underlying risks, changes in spread of risks, claims settlement pattern as well as uncertainties in the projection model and underlying assumptions.




(p) Family takaful fund (continued)

Provision for outstanding claims

Claims and settlement costs that are incurred during the financial year are recognised when a claimable event occurs and/or the Group or the Company is notified.

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 group health business, provision is made for the cost of claims, together with related expenses, incurred but not reported (“IBNR”) at balance sheet date, using a mathematical method of estimation by a qualified actuary where historical claims experience are used to project future claims. As with all projections, there are elements of uncertainty and the projected claim 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.

(q) Other revenue recognition

Income from financing are recognised on an accrual basis, except where financing is considered non-performing, i.e. where repayments are in arrears for more than six months, 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.

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.

Rental is recognised on an accrual basis except where default in payment of rent has already occurred and rent dues remain outstanding for over six months, 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.

Dividend is recognised when the right to receive payment is established.

(r) Zakat

This represents tithes payable by the Company to comply with the Principles of Shariah and as approved by the Shariah Advisory Body.




(s) Tax expense

Tax expense comprises current and deferred tax. Tax expense is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for temporary differences in relation to the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit / 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 balance sheet date.

Deferred tax liability is recognised for all taxable temporary differences.

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 each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Additional taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend is recognised.

(t) Operating lease payments

The Group recognises its Ijarah financing obligations as operating leases. Lease payments under the operating lease are recognised as an expense in the income statement on a straight-line basis over the lease term.

(u) Earnings per share

The Group presents basic and diluted earnings per share (“EPS”) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period.

Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise share options granted to employees.

(v) Segment reporting

A segment is a distinguishable component of the Group that is engaged either in providing products or services (business segment), or in providing products or services within a particular economic environment (geographical segment), which is subject to risks and rewards that are different from those of other segments.



3 Property and equipment

(a) Shareholders’ Fund Office equipment, Renovation furniture, Group Freehold and building Motor fixtures and Land Buildings in progress vehicles fittings Total Cost RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

As at 1 July 2008 1,841 9,327 10,895 1,729 85,261 109,053 Additions - 165 - - 4,680 4,845 Disposals - - - (208) (216) (424) Write off of assets - - - (165) (10,702) (10,867) Reclassified from assets held for sale (Note 12) - - - 59 1,595 1,654 Reclassified as assets held for sale (Note 12) (181) (762) - - - (943) Reclassification - (699) (10,895) 3 10,762 (829) Translation difference - (136) - (30) (105) (271)

At 30 June 2009 1,660 7,895 - 1,388 91,275 102,218

Accumulated depreciation As at 1 July 2008 - 2,065 - 943 63,808 66,816 Charge for the year - 311 - 301 9,955 10,567 Disposals - - - (168) (161) (329) Write off of assets - - - (171) (7,699) (7,870) Reclassified from assets held for sale (Note 12) - - - 58 1,386 1,444 Reclassified as assets held for sale (Note 12) - (362) - - - (362) Reclassification - (488) - (40) 104 (424) Translation difference - (38) - (8) (34) (80)

At 30 June 2009 - 1,488 - 915 67,359 69,762

Net book value At 30 June 2009 1,660 6,407 - 473 23,916 32,456



3 Property and equipment (Continued)

(a) Shareholders’ Fund (continued) Office equipment, Renovation furniture, Group Freehold and building Motor fixtures and Land Buildings in progress vehicles fittings Total Cost RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

At 1 July 2007 1,841 9,176 11,342 2,539 77,655 102,553 Additions - 266 217 10 15,071 15,564 Disposals - - - (682) - (682) Write off of assets - - - - (5,999) (5,999) Reclassified as assets held for sale (Note 12) - - (664) (62) (992) (1,718) Reclassification - (244) - - 107 (137) Translation difference - 129 - (76) (581) (528)

At 30 June 2008 1,841 9,327 10,895 1,729 85,261 109,053

Accumulated depreciation

At 1 July 2007 - 1,689 436 1,394 49,706 53,225 Charge for the year - 420 - 242 16,909 17,571 Disposals - - - (531) - (531) Write off of assets - - - - (1,451) (1,451) Reclassified as assets held for sale (Note 12) - - (436) (62) (880) (1,378) Reclassification - - - (63) (55) (118) Translation difference - (44) - (37) (421) (502)

At 30 June 2008 - 2,065 - 943 63,808 66,816

Net book value At 30 June 2008 1,841 7,262 10,895 786 21,453 42,237




(a) Shareholders’ Fund (continued) Office equipment, Renovation furniture, Company Freehold and building Motor fixtures and Land Buildings in progress vehicles fittings Total Cost RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

As at 1 July 2008 1,841 4,179 10,895 716 76,703 94,334 Additions - - - - 4,152 4,152 Disposals - - - (104) (139) (243) Reclassified as assets held for sale (Note 12) (181) (762) - - - (943) Write off of assets - - - (165) (10,702) (10,867) Reclassification - - (10,895) - 10,895 -

At 30 June 2009 1,660 3,417 - 447 80,909 86,433

Accumulated depreciation As at 1 July 2008 - 1,150 - 413 57,294 58,857 Charge for the year - 83 - 100 8,950 9,133 Disposals - - - (74) (119) (193) Reclassified as assets held for sale (Note 12) - (362) - - - (362) Write off of assets - - - (171) (7,699) (7,870)

At 30 June 2009 - 871 - 268 58,426 59,565

Net book value At 30 June 2009 1,660 2,546 - 179 22,483 26,868

Cost

At 1 July 2007 1,841 4,179 10,678 1,386 68,370 86,454 Additions - - 217 - 14,332 14,549 Disposals - - - (670) - (670) Write off of assets - - - - (5,999) (5,999)

At 30 June 2008 1,841 4,179 10,895 716 76,703 94,334

Accumulated depreciation At 1 July 2007 - 1,066 - 800 42,810 44,676 Charge for the year - 84 - 138 15,935 16,157 Disposals - - - (525) - (525) Write off of assets - - - - (1,451) (1,451)

At 30 June 2008 - 1,150 - 413 57,294 58,857

Net book value At 30 June 2008 1,841 3,029 10,895 303 19,409 35,477




(b) Family Takaful Fund Office equipment, Group furniture, fixtures and fittings Total Cost RM’000 RM’000 At 1 July 2008 1,584 1,584 Write off of assets (1,584) (1,584)

At 30 June 2009 - -

Accumulated depreciation At 1 July 2008 1,323 1,323 Charge for the year 261 261 Write off of assets (1,584) (1,584)

At 30 June 2009 - -

Net book value At 30 June 2009 - -

Office Renovation equipment, and furniture, Group building fixtures in progress and fittings Total Cost RM’000 RM’000 RM’000

At 1 July 2007 1,418 1,496 2,914 Additions - 88 88 Transfer to investment properties (Note 5) (1,349) - (1,349) Write off of assets (69) - (69)

At 30 June 2008 - 1,584 1,584

Accumulated depreciation At 1 July 2007 - 1,269 1,269 Charge for the year - 54 54

At 30 June 2008 - 1,323 1,323

Net book value At 30 June 2008 - 261 261




(b) Family Takaful Fund (continued) Office equipment, Company furniture, fixtures and fittings Total Cost RM’000 RM’000

At 1 July 2008 1,582 1,582 Write off of assets (1,582) (1,582)

At 30 June 2009 - -

Accumulated depreciation At 1 July 2008 1,321 1,321 Charge for the year 261 261 Write off of assets (1,582) (1,582)

At 30 June 2009 - -


Office Renovation equipment, and furniture, Company building fixtures in progress and fittings Total Cost RM’000 RM’000 RM’000

At 1 July 2007 1,415 1,496 2,911 Additions - 86 86 Transfer to investment properties (Note 5) (1,349) - (1,349) Write off of assets (66) - (66)

At 30 June 2008 - 1,582 1,582

Accumulated depreciation At 1 July 2007 - 1,266 1,266 Charge for the year - 55 55

At 30 June 2008 - 1,321 1,321





(c) General Takaful Fund Office equipment, Group furniture, fixtures and fittings Total Cost RM’000 RM’000

At 1 July 2008 557 557 Write off of assets (557) (557)

At 30 June 2009 - -

Accumulated depreciation At 1 July 2008 551 551 Charge for the year 6 6 Write off of assets (557) (557)

At 30 June 2009 - -


Office Renovation equipment, and furniture, Group building fixtures in progress and fittings Total Cost RM’000 RM’000 RM’000

At 1 July 2007 582 4,908 5,490 Write off of assets (582) (4,351) (4,933)

At 30 June 2008 - 557 557

Accumulated depreciation At 1 July 2007 582 4,901 5,483 Charge for the year - 1 1 Write off of assets (582) (4,351) (4,933)

At 30 June 2008 - 551 551





(c) General Takaful Fund (continued) Office equipment, Company furniture, fixtures and fittings Total Cost RM’000 RM’000

At 1 July 2008 557 557 Write off of assets (557) (557)

At 30 June 2009 - -

Accumulated depreciation At 1 July 2008 551 551 Charge for the year 6 6 Write off of assets (557) (557)

At 30 June 2009 - -


Cost

At 1 July 2007/At 30 June 2008 557 557

Accumulated depreciation At 1 July 2007 550 550 Charge for the year 1 1

At 30 June 2008 551 551

Net book value At 30 June 2008 6 6



4 Prepaid lease payments

Shareholder’s Fund

Group Company

Unexpired Unexpired Unexpired Unexpired period period period period

less than more than less than more than 50 years 50 years Total 50 years 50 years Total RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

CostAt 1 July 2007 2,800 1,616 4,416 - 1,616 1,616 Additions - - - - - - Translation difference (196) - (196) - - -

At 30 June 2008/ 1 July 2008 2,604 1,616 4,220 - 1,616 1,616 Translation difference (112) - (112) - - -

At 30 June 2009 2,492 1,616 4,108 - 1,616 1,616

Amortisation At 1 July 2007 277 314 591 - 314 314 Amortisation for the year - 31 31 - 31 31 Translation difference (20) - (20) - - -

At 30 June 2008/ 1 July 2008 257 345 602 - 345 345 Amortisation for the year 220 30 250 - 30 30Translation difference (35) - (35) - - -

At 30 June 2009 442 375 817 - 375 375

Carrying amounts At 1 July 2007 2,523 1,302 3,825 - 1,302 1,302

At 30 June 2008/ 1 July 2008 2,347 1,271 3,618 - 1,271 1,271

At 30 June 2009 2,050 1,241 3,291 - 1,241 1,241



5 Investment properties

Group Shareholders’ Fund Family Takaful General Takaful 2009 2008 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

At 1 July 2008/2007 26,369 24,574 219,552 208,316 43,052 40,376 - Additions - 213 - - - 34 - Disposals (14,190) (518) (30,012) (424) (15,798) (216) - Fair value gain for the year - net 121 2,162 16,200 10,658 1,700 2,869 - Reclassified as assets held for sale (Note 12) (890) - (800) - - - - Transfer to Family Takaful Fund (228) - 228 - - - - Reclassified from property and equipment (Note 3) - - - 1,349 - - - Translation difference (26) (62) (185) (347) - (11)

At 30 June 2009/2008 11,156 26,369 204,983 219,552 28,954 43,052

Comprising of: Freehold land 3,230 9,452 66,817 65,539 5,240 10,767 Freehold building 984 10,232 114,851 124,124 12,113 21,045 Leasehold land more than 50 years 1,150 1,150 8,210 8,829 1,940 2,134 Leasehold building more than 50 years 5,655 5,535 12,305 12,981 3,060 3,106 Leasehold land less than 50 years 137 - 1,692 3,663 1,770 1,540 Leasehold building less than 50 years - - 1,108 4,416 4,831 4,460

11,156 26,369 204,983 219,552 28,954 43,052

The following are amounts arising from investment properties that have been recognised in the income statement / revenue

accounts during the financial year. Rental income 2,063 2,263 9,217 16,454 1,759 2,941



5 Investment properties (Continued)

Company Shareholders’ Fund Family Takaful General Takaful 2009 2008 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

At 1 July 2008/2007 25,825 23,667 211,453 199,446 43,052 40,149 - Additions - - - - - 34 - Disposals (14,190) - (30,012) - (15,798) - - Reclassified as assets held for sale (Note 12) (890) - (800) - - - - Fair value gain for the year - net 120 2,158 15,456 10,658 1,700 2,869 - Transfer from property and equipment (Note 3) - - - 1,349 - -

At 30 June 2009/2008 10,865 25,825 196,097 211,453 28,954 43,052

Comprising of: Freehold land 3,230 9,452 64,902 65,539 5,240 10,767 Freehold building 830 9,688 107,880 121,303 12,113 21,045 Leasehold land more than 50 years 1,150 1,150 8,210 8,829 1,940 2,134 Leasehold building more than 50 years 5,655 5,535 12,305 12,981 3,060 3,106 Leasehold land less than 50 years - - 1,692 1,692 1,770 1,540 Leasehold building less than 50 years - - 1,108 1,109 4,831 4,460

10,865 25,825 196,097 211,453 28,954 43,052

The following are amounts arising from investment properties that have been recognised in the income statement / revenue

accounts during the financial year.

Rental income 2,058 2,244 8,618 15,775 1,759 2,941

The Group’s properties were valued by independent firms of professional valuer, using the comparison, cost and investment methods of valuations, where applicable.

In the comparison method approach, the sales and listings of comparable properties of within nearby locations are compiled. From the compiled data, adjustments are made between the subject property and those of 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.



5 Investment properties (Continued)

For the valuation of the improvements, the valuers have considered the followings:-

i. Cost of replacement of the building in accordance with current trend of market prices for materials, labour, contractor’s overhead, profit and fees;

ii. Accrued depreciation as evidenced by the observed condition and present and prospective serviceability in comparison with new units of like kind; and;

iii. Extent, character and utility of the property.

The investment method is the capitalisation of net rent from a property. Net rent is the residue of gross annual rent less annual expenses (outgoings) required to sustain the rent with allowance for void and management fees. The range of yield applied to the net annual rentals to determine fair value of the property is between 6% to 7%.

The external valuer has 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.

6 Investment in subsidiaries

Company Shareholders’ Fund 2009 2008 Unquoted shares, at cost RM’000 RM’000 Opening balance 27,550 58,935 Increase in investment cost of existing subsidiary 21,825 - Reclassified from/(to) assets held for sale (Note 12) 22,872 (31,385)

Closing balance 72,247 27,550

The principal activities of the subsidiaries, their country of incorporation and the interest of Syarikat Takaful Malaysia Berhad

are as follows:

Country of Effective Name of companies Principal activities incorporation interests 2009 2008 % % Asean Retakaful International Family and general (L) Ltd. (“ARIL”)** retakaful business Malaysia 63.09 63.09 P.T. Syarikat Takaful Indonesia and its subsidiaries* Investment holding Indonesia 56.00 56.00 P.T. Asuransi Takaful Umum* General takaful business Indonesia 64.70 56.00 P.T. Asuransi Takaful Keluarga* Family takaful business Indonesia 74.78 56.00 * Not audited by KPMG Desa Megat & Co ** Audited by a firm affiliated with KPMG Desa Megat & Co During the year, the investment in ARIL has been reclassified from assets held for sale (see Note 12) as it no longer met the

criteria.



7 Investment in associates

Investment in associate company amounting RM2,473,000 (2008: RM2,473,000) was fully written down during the financial year ended 30 June 2007.

8 Investments

(a) Shareholders’ Fund

2009 2008 Market Market Cost/ Value/ Cost/ Value/ Group Valuation Fair Value Valuation Fair Value RM’000 RM’000 RM’000 RM’000 Quoted: Shares - In Malaysia 23,964 24,355 - Outside Malaysia 44 2,001 Allowance for diminution (1,502) -

22,506 22,506 26,356 27,156

Unit trusts - In Malaysia 30,445 - - Outside Malaysia 3,043 3,248 Allowance for diminution (969) -

32,519 32,445 3,248 3,375

Unquoted: Shares - In Malaysia 380 380 - Outside Malaysia 47 -

427 380

Islamic debt securities 70,718 8,597 Amortisation of premiums (179) -

70,539 70,214 8,597 8,347

Investment in investment-linked takaful funds 29,954 30,246 18,212 20,824

Deposits and money market placement with: Licensed banks - Local 93,499 64,538 - Foreign 18,540 15,974

112,039 80,512

Total investments 267,984 137,305

Investments maturing more than twelve months 49,283 13,841



8 Investments (Continued)

(a) Shareholders’ Fund (continued)

2009 2008 Market Market Cost/ Value/ Cost/ Value/ Company Valuation Fair Value Valuation Fair Value RM’000 RM’000 RM’000 RM’000 Quoted: Shares - In Malaysia 23,964 24,355 Allowance for diminution (1,497) -

22,467 22,467 24,355 25,155

Unit Trusts 30,445 30,371 - -

Unquoted: Shares - In Malaysia 380 380

Islamic debt securities 40,809 5,613 Amortisation of premiums (179) -

40,630 40,305 5,613 5,363

Investment in investment-linked takaful funds 29,954 30,246 18,164 20,776

Deposits and money market placement with: Licensed banks 78,477 64,538






(b) Family Takaful Fund

2009 2008 Market Market Cost/ Value/ Cost/ Value/ Group Valuation Fair Value Valuation Fair Value RM’000 RM’000 RM’000 RM’000 Quoted: Shares - In Malaysia 148,792 114,910 - Outside Malaysia 1 3 Allowance for diminution (23,808) (12,510)

124,985 125,468 102,403 102,403

Unit trusts 164,629 68,646 Allowance for diminution (6,645) (533)

157,984 157,990 68,113 70,571

Unquoted: Malaysian Government Islamic papers 511,875 411,607 Accretion of discounts 8,347 - Allowance for diminution (226) -

519,996 518,220 411,607 394,998

Shares - In Malaysia 34 -

Islamic debt securities 1,400,122 1,149,136 Accretion of discounts 6,939 - Allowance for diminution (393) (1,725)

1,406,668 1,431,878 1,147,411 1,092,502


575,962 737,374

Total investments 2,785,629 2,466,908

Investments maturing more than twelve months 1,963,654 1,567,315




(b) Family Takaful Fund (continued)

2009 2008 Market Market Cost/ Value/ Cost/ Value/ Company Valuation Fair Value Valuation Fair Value RM’000 RM’000 RM’000 RM’000 Quoted: Shares - In Malaysia 148,792 114,910 Allowance for diminution (23,808) (12,510)

124,984 125,467 102,400 102,400

Unit trusts 130,979 48,750 Allowance for diminution (88) (533)

130,891 130,897 48,217 48,420

Unquoted: Malaysian Government Islamic papers 511,875 411,607 Accretion of discounts 8,347 - Allowance for diminution (226) -

519,996 518,220 411,607 394,998

Shares - In Malaysia 34 -

Islamic debt securities 1,364,790 1,132,995 Accretion of discounts 6,939 - Allowance for diminution (393) (1,725)

1,371,336 1,396,546 1,131,270 1,076,361

Deposits and money market placement with:

Licensed banks 519,227 695,022

Total investments 2,666,468 2,388,516

Investments maturing more than twelve months 1,930,879 1,552,859




(c) Investment-linked Takaful Fund

2009 2008 Market Market Cost/ Value/ Cost/ Value/ Group Valuation Fair Value Valuation Fair Value RM’000 RM’000 RM’000 RM’000 Quoted: Shares - in Malaysia 15,302 13,967 - outside Malaysia - 23,680 Unrealised (loss)/gain (1,117) 1,790

14,185 14,185 39,437 39,437

Unit Trusts 44,140 9,483 Allowance for diminution (4,372) -

39,768 39,768 9,483 9,483

Unquoted: Islamic debt securities 14,215 14,234 Unrealised loss - (452)

14,215 14,215 13,782 13,782

Investment in commodity, equity and fixed income closed end fund 95,534 - Unrealised loss (8,588) -

86,946 86,946 - -



Company Quoted: Shares - in Malaysia 15,302 13,967 Unrealised (loss)/gain (1,117) 1,790

14,185 14,185 15,757 15,757

Unquoted: Islamic debt securities 6,588 14,234 Unrealised loss - (452)

6,588 6,588 13,782 13,782

Investment in commodity, equity and fixed income closed end fund 95,534 - Unrealised loss (8,588) -

86,946 86,946 - -

Deposits and money market placement with:

Licensed banks 22,342 95,004





(d) General Takaful Fund

2009 2008 Market Market Cost/ Value/ Cost/ Value/ Group Valuation Fair Value Valuation Fair Value RM’000 RM’000 RM’000 RM’000 Quoted: Shares - In Malaysia 39,010 38,307 Allowance for diminution (1,012) -

37,998 37,998 38,307 40,545


33,726 33,726 5,468 5,554

Unquoted: Shares - In Malaysia 89 -

Malaysian Government Islamic papers 94,659 92,151 Accretion of discounts 3,365 -

98,024 98,102 92,151 89,042

Islamic debt securities - In Malaysia 228,307 147,131 Accretion of discounts 235 - Allowance for diminution - (2,074)

228,542 229,490 145,057 132,212


126,649 144,121






(d) General Takaful Fund (continued)

2009 2008 Market Market Cost/ Value/ Cost/ Value/ Company Valuation Fair Value Valuation Fair Value RM’000 RM’000 RM’000 RM’000 Quoted: Shares - In Malaysia 39,010 38,307 Allowance for diminution (1,012) -

37,998 37,998 38,307 40,545


31,581 31,581 2,826 2,911

Unquoted: Shares - In Malaysia 89 -

Malaysian Government Islamic papers 94,659 92,151 Accretion of discounts 3,365 -

98,024 98,102 92,151 89,042

Islamic debt securities 228,307 147,131 Accretion of discounts 235 - Allowance for diminution - (2,074)

228,542 229,490 145,057 132,212






9 Financing receivables

Shareholders’ Family General Group Fund Takaful Takaful 2009 RM’000 RM’000

Secured financing 3,068 5,772 4,668 Staff financing 11,840 3,793 - Allowance for doubtful financing (890) (3,183) (3,190) Unsecured financing - 3,000 2,000

Total financing 14,018 9,382 3,478

Amount receivable after twelve months 10,200 6,396 2,000

2008 Secured financing 3,470 23,081 5,164 Staff financing 12,167 - - Allowance for doubtful financing (2,935) (6,386) (5,140) Unsecured financing - 3,000 2,000


Amount receivable after twelve months 13,433 3,540 -

Company 2009 Secured financing 2,483 5,772 4,668 Staff financing 11,818 - - Allowance for doubtful financing (890) (3,110) (3,190) Unsecured financing - 3,000 2,000


Amount receivable after twelve months 9,593 3,000 2,000

2008 Secured financing 2,771 6,459 5,164 Staff financing 12,167 - - Allowance for doubtful financing (2,935) (6,386) (5,140) Unsecured financing - 3,000 2,000


Amount receivable after twelve months 12,735 - -



10 Qardh Hasan Receivables

Shareholders’ Fund Group Company 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000 Opening balance 80,861 4,444 80,861 - (Decrease)/Increase during the year (50,810) 108,130 (52,587) 80,861

30,051 112,574 28,274 80,861 Qardh Hasan written off (Note 27) - (9,734) - - Transfer from/(to) Assets held for sale (Note 12) 1,671 (21,979) - -

Closing balance 31,722 80,861 28,274 80,861

The balance outstanding at 30 June 2009 for the RM1.671 million transferred from assets held for sale is net of provision for

impairment loss of RM20.308 million.

11 Receivables Shareholders’ Family General Group Fund Takaful Takaful 2009 RM’000 RM’000 RM’000 Trade Receivables Due contributions - 84,100 81,835 Due from retakaful companies - 7,400 20,467

- 91,500 102,302 Allowance for bad and doubtful debts - (22,670) (46,994)

- 68,830 55,308

Other Receivables Investment receivables 1,896 34,534 5,614 Deposits 631 273 - Due from Shareholders’ Fund (Note 14) - 7,217 4,182 Due from Family Takaful Fund (Note 14) 11,395 - 7,191 Due from General Takaful Fund (Note 14) 19,148 - - Due from Investment-linked Takaful Fund (Note 34) 3,908 4,377 - Sundry receivables 9,763 1,537 1,926

46,741 47,938 18,913

Total receivables 46,741 116,768 74,221



11 Receivables (Continued)

Shareholders’ Family General Group Fund Takaful Takaful 2008 RM’000 RM’000 RM’000

Trade Receivables Due contributions - 60,091 77,063 Due from retakaful companies - 4,023 57,476


- 45,408 73,810

Other Receivables Investment receivables 659 40,460 4,598 Deposits 1,055 - - Due from Shareholders’ Fund (Note 14) - 12,034 - Due from Family Takaful Fund (Note 14) 296 - - Due from General Takaful Fund (Note 14) 7,928 5,563 - Due from Investment-linked Takaful Fund (Note 34) 1,127 4,209 370 Sundry receivables 5,880 4,295 3,041

16,945 66,561 8,009


Company 2009 Trade Receivables Due contributions - 70,250 72,791 Due from retakaful companies - 2,015 13,365


- 61,048 41,340

Other Receivables Investment receivables 1,896 34,534 5,614 Deposits 526 273 - Due from Shareholders’ Fund (Note 14) - 7,217 - Due from Family Takaful Fund (Note 14) - - 7,191 Due from General Takaful Fund (Note 14) 19,148 - - Due from Investment-linked Takaful Fund (Note 34) 3,908 4,377 - Sundry receivables 3,724 1,487 1,902

29,202 47,888 14,707




11 Receivables (Continued)

Shareholders’ Family General Company Fund Takaful Takaful 2008 RM’000 RM’000 RM’000 Trade Receivables Due contributions - 48,649 70,073 Due from retakaful companies - 1,599 47,857


- 36,535 58,461

Other Receivables Investment receivables 659 40,460 4,598 Deposits 1,055 - - Due from Family Takaful Fund (Note 14) 296 - - Due from General Takaful Fund (Note 14) 7,928 5,563 - Due from Investment-linked Takaful Fund (Note 34) 1,127 4,209 370 Sundry receivables 2,768 1,160 471

13,833 51,392 5,439


During the year, the Group and the Company wrote off due contributions against the allowance for bad and doubtful debts as

follows: Group Company Family General Family General Takaful Takaful Takaful Takaful RM’000 RM’000 RM’000 RM’000 Bad debts written-off - 2009 16,999 10,239 17,836 9,075 - 2008 - - 1,930 -



12 Assets held for sale

As at 30 June 2009, the assets and liabilities held for sale are as follows:

Group

Assets classified as held for sale Shareholders’ Fund Family Takaful 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000 Property and equipment (Note i) 581 210 - - Investments - 30,925 - - Qardh Hasan - Receivables (Note ii) - 1,671 - - Receivables - 6,106 - - Cash and bank balances - 452 - - Reclassified from investment properties (Note 5) 890 - 800 -

1,471 39,364 800 -

i) Property and equipment held for sale comprise the following:

Shareholders’ Fund 2009 2008 RM’000 RM’000 Plant and equipment: Cost 943 1,654 Accumulated depreciation (362) (1,444)

581 210

ii) The Qardh Hasan amount of Assets held for sale after deducting impairment loss for the year of RM nil (2008: RM20,308,000)

is as follows:- Shareholders’ Fund 2009 2008 RM’000 RM’000

Qardh Hasan receivable 1,671 21,979 Impairment loss (Note 27) - (20,308) Transfer to Qardh Hasan receivable (Note 10) (1,671) -

Balance outstanding - 1,671

Liabilities classified as held for sale Shareholders’ Fund 2009 2008 RM’000 RM’000

Payables - 3,233

- 3,233



12 Assets held for sale (Continued)

Company Shareholders’ Fund Family Takaful 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000

At 1 July 2008/2007 22,872 - - - Reclassified (to)/from cost of investment in subsidiary - ARIL (Note 6) (22,872) 31,385 - - Impairment loss (Note 27) - (8,513) - - Reclassified from investment properties (Note 5) 890 - 800 - Reclassified from property and equipment (Note 3) 581 - - -

At 30 June 2009/2008 1,471 22,872 800 -

The proposed sale of ARIL was aborted as the potential buyer had withdrawn from the transaction during the year. Accordingly,

the investment in ARIL has been reclassified to Investment in Subsidiaries.

13 Cash and bank balances

Group Company Shareholders’ Fund 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000

Current account with a related company (Islamic financial institution) 1,933 9,237 1,690 8,036 Other current accounts 5,663 506 4,783 261

7,596 9,743 6,473 8,297

Family Takaful

Current account with a related company (Islamic financial institution) 25,104 100,538 23,970 95,043 Other current accounts 28,154 6,378 24,012 362

53,258 106,916 47,982 95,405

General Takaful

Current account with a related company (Islamic financial institution) 1,250 12,152 40 11,987 Other current accounts 7,676 28,125 5,646 22,876

8,926 40,277 5,686 34,863



14 Payables


Due to retakaful companies - 8,832 29,105 Advanced takaful contribution - 20,320 11,866 Profit payable to participants - 7,391 9,292 Zakat payable 1,221 - - Deposits payable 648 2,258 - Unclaimed monies 2,188 1,597 11,758 Due to Shareholders’ Fund (Note 11) - 11,395 19,148 Due to General Takaful Fund (Note 11) 4,182 7,191 - Due to Family Takaful Fund (Note 11) 7,217 - - Due to Investment-linked Takaful Fund (Note 34) - - 7 Other payables and accruals 31,020 127,338 51,059

Total payables 46,476 186,322 132,235

Group 2008 Due to retakaful companies - 3,195 36,846 Advanced takaful contribution - 13,643 11,091 Profit payable to participants - 7,355 9,356 Zakat payable 3,585 - - Deposits payable 648 - - Unclaimed monies - - 7,219 Due to Shareholders’ Fund (Note 11) - 296 7,928 Due to Family Takaful Fund (Note 11) 12,034 - 5,563 Other payables and accruals 28,124 105,049 51,504

Total payables 44,391 129,538 129,507



14 Payables (Continued)

Shareholders’ Family General Company Fund Takaful Takaful 2009 RM’000 RM’000 RM’000

Due to retakaful companies - 1,271 22,370 Advanced takaful contribution - 20,320 11,866 Profit payable to participants - 7,391 9,211 Deposits payable 648 2,119 - Zakat payable 379 - - Unclaimed monies 2,188 1,597 11,757 Due to Shareholders’ Fund (Note 11) - - 19,148 Due to General Takaful Fund (Note 11) - 7,191 - Due to Family Takaful Fund (Note 11) 7,217 - - Due to Investment-linked Takaful Fund (Note 34) - - 7 Other payables and accruals 22,645 127,202 50,572

Total payables 33,077 167,091 124,931

Company 2008 Due to retakaful companies - 2,652 35,112 Advanced takaful contribution - 13,643 11,091 Profit payable to participants - 7,355 9,356 Deposits payable 647 - - Zakat payable 3,287 - - Unclaimed monies - - 7,219 Due to Shareholders’ Fund (Note 11) - 296 7,928 Due to Family Takaful Fund (Note 11) - - 5,563 Other payables and accruals 19,042 90,495 45,483

Total payables 22,976 114,441 121,752

15 Provision for outstanding claims

2009 2008 Family General Family General Group Takaful Takaful Takaful Takaful RM’000 RM’000 RM’000 RM’000 Provision for outstanding claims 51,546 315,848 56,254 459,279 Retakaful recoveries (3,416) (144,443) (6,707) (273,681)

Net outstanding claims 48,130 171,405 49,547 185,598

Company Provision for outstanding claims 44,096 289,647 49,420 409,384 Retakaful recoveries (3,416) (144,443) (6,707) (254,951)

Net outstanding claims 40,680 145,204 42,713 154,433



16 Deferred taxation Shareholders’ Fund Deferred tax assets and liabilities are attributable to the followings:- Assets Liabilities Net Group 2009 2008 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Property and equipment - 3,595 1,951 - 1,951 3,595 Qardh Hasan receivables - - 7,069 21,024 7,069 21,024 Investments (2,303) (906) - - (2,303) (906) Financing receivables (1,084) (2,091) - - (1,084) (2,091) Receivables (2,931) (3,468) - - (2,931) (3,468) Unearned contribution reserves - - 16 - 16 - Payables (5,124) (6,177) - - (5,124) (6,177) Investment properties - - 280 - 280 - Unabsorbed capital allowances (5,617) (9,022) - - (5,617) (9,022) Unabsorbed tax losses (442) (19,595) - - (442) (19,595)

Tax (assets)/liabilities (17,501) (37,664) 9,316 21,024 (8,185) (16,640) Set off of tax 9,316 21,024 (9,316) (21,024) - -

Net tax (assets)/liabilities (8,185) (16,640) - - (8,185) (16,640)

Assets Liabilities Net Company 2009 2008 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Property and equipment - 3,778 1,951 - 1,951 3,778 Qardh Hasan receivables - - 7,069 21,024 7,069 21,024 Investments (974) (906) - - (974) (906) Financing receivables (1,066) (2,091) - - (1,066) (2,091) Receivables (2,209) (2,595) - - (2,209) (2,595) Unearned contribution reserves - - 16 - 16 - Payables (3,491) (3,031) - - (3,491) (3,031) Investment properties - - 26 - 26 - Unabsorbed capital allowances (5,617) (9,022) - - (5,617) (9,022) Unabsorbed tax losses - (19,595) - - - (19,595)

Tax (assets)/liabilities (13,357) (33,462) 9,062 21,024 (4,295) (12,438) Set off of tax 9,062 21,024 (9,062) (21,024) - -

Net tax (assets)/liabilities (4,295) (12,438) - - (4,295) (12,438)



16 Deferred taxation (Continued)

Shareholders’ Fund (continued)

Movement in temporary differences during the year:- Recognised As at Recognised As at in income Exchange As at 1 July in income Exchange 30 June statement Differences/ 30 June Group 2007 statement Differences 2008 (Note 31) Adjustment 2009 (Note 31) RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Property and equipment 4,403 (816) 8 3,595 (1,825) 181 1,951 Qardh Hasan receivables - 21,024 - 21,024 (13,955) - 7,069 Investments (3,365) 2,459 - (906) (68) (1,329) (2,303) Financing receivables (1,939) (152) - (2,091) 1,008 (1) (1,084) Receivables (1,520) (1,948) - (3,468) 387 150 (2,931) Investment properties - - - - 269 11 280 Unearned contribution reserves 266 (266) - - 16 - 16 Payables (3,970) (2,300) 93 (6,177) (65) 1,118 (5,124) Unabsorbed capital allowance (9,022) - - (9,022) 3,405 - (5,617) Unabsorbed tax losses - (19,595) - (19,595) 19,190 (37) (442)

Tax (assets)/liabilities (15,147) (1,594) 101 (16,640) 8,362 93 (8,185)

Recognised As at Recognised As at in income As at 1 July in income 30 June statement 30 June Company 2007 statement 2008 (Note 31) 2009 (Note 31) RM’000 RM’000 RM’000 RM’000 RM’000

Property and equipment 4,403 (625) 3,778 (1,827) 1,951 Qardh Hasan receivables - 21,024 21,024 (13,955) 7,069 Investments (1,411) 505 (906) (68) (974) Financing receivables (1,939) (152) (2,091) 1,025 (1,066) Receivables (1,520) (1,075) (2,595) 386 (2,209) Investment properties - - - 26 26 Unearned contribution reserves 266 (266) - 16 16 Payables (3,970) 939 (3,031) (460) (3,491) Unabsorbed capital allowance (9,022) - (9,022) 3,405 (5,617) Unabsorbed tax losses - (19,595) (19,595) 19,595 -

Tax (assets)/liabilities (13,193) 755 (12,438) 8,143 (4,295)

17 Minority shareholders’ interests

This consists of the minority shareholder’s proportion of share capital and reserves of subsidiaries.



18 Family Takaful Fund Group Company 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000

Participants’ Account (PA) At beginning of the year 1,930,073 1,625,554 1,775,038 1,528,677 Add: Increase in PA 57,321 191,878 37,875 171,712

1,987,394 1,817,432 1,812,913 1,700,389 Profit attributable to participants 57,366 93,412 59,836 74,024

2,044,760 1,910,844 1,872,749 1,774,413

Movement in unrealised gain in investment and other reserves: - At beginning of the year 16,282 (20,773) 16,282 (20,773) - At end of the year (16,282) 16,282 (16,282) 16,282

- (4,491) - (4,491)

Special reserve 3,625 5,116 3,625 5,116 Interfund - 29,963 - - Translation reserve (4,071) (11,359) - - Seed capital 18,766 - 18,766 -

At end of the year 2,063,080 1,930,073 1,895,140 1,775,038

Participants’ Special Account (PSA) At beginning of the year 606,290 568,479 606,484 569,227 Add: Increase in PSA 45,968 3,360 44,576 2,821

652,258 571,839 651,060 572,048 Profit attributable to participants 26,870 34,586 26,582 34,436

679,128 606,425 677,642 606,484

Movement in special reserves: - At beginning of the year (6,583) (6,583) (6,583) (6,583) - At end of the year 6,583 6,583 6,583 6,583

- - - -

Translation reserve (313) (135) - -

At end of the year 678,815 606,290 677,642 606,484



18 Family Takaful Fund (Continued)


Group Family Takaful Fund (GFTA) At beginning of the year 374,903 180,811 368,390 193,606 Profit attributable to participants 46,801 45,279 46,724 41,538 Movement in Qardh Hasan (55,840) 94,280 (52,587) 80,861

365,864 320,370 362,527 316,005

Movement in actuarial reserves: - At beginning of the year (250,470) (197,012) (246,125) (193,740) - At end of the year 258,740 250,470 255,867 246,125

8,270 53,458 9,742 52,385

Movement in special reserves: - At beginning of the year (9,145) (9,145) (9,145) (9,145) - At end of the year 9,145 9,145 9,145 9,145

- - - -

Translation reserve (655) 1,075 - -

At end of the year 373,479 374,903 372,269 368,390

Family Takaful fund at end of the year 3,115,374 2,911,266 2,945,051 2,749,912

In the valuation of the Participants’ Special Account (PSA) and Mortgage Reducing Term Takaful (MRTT) of Group Family Takaful Fund (GFTA) of the Company carried out by a qualified actuary, the net contribution method of valuation (with negative reserves eliminated) was used, based on certain underlying assumptions, including interest rates, mortality rates and disability rates. As with all projections, the projected future liability payable may be different from the actual amount payable due to inherent uncertainty involved in the assumptions used. For other products of GFTA, the unearned contribution reserves (UCR) were calculated by the Company, using 1/365 method.

In respect of the Ordinary Family PSA & Annuity Waqaf, the statutory valuation of the Company’s Family Takaful Fund was made for the year ended 30 June 2009 and the results (before shareholders’ transfer) showed a surplus of RM222,168,000 (2008: RM138,142,000) for the Company.

In respect of the Ordinary Family GFTA, the statutory valuation of the Company’s Group Family Takaful Fund was made since the year ended 30 June 2008. In the previous year, a Qardh Hasan was made in the GFTA of RM 80,861,000 to make good the deficit in the fund for MRTT business. The deficit for the MRTT business has reduced to RM38,525,000 and RM52,587,000 of Qardh Hasan was repaid during the financial year. The Qardh Hasan outstanding as at 30 June 2009 is RM28,274,000. No further injection of Qardh Hasan is required as there is sufficient other surplus from the GFTA other products to mitigate the shortfall. GFTA for other products showed a surplus (before shareholders’ transfer) of RM126,874,000 (2008: RM167,768,000) for the Company.



19 General Takaful Fund Group Company 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000

Revenue account accumulated surplus 61,650 40,639 92,796 63,393 Unearned contribution reserves (Note 20) 230,121 194,320 210,600 182,162 Special reserves 23,061 23,061 23,061 23,061 Statutory liabilities - Qardh Hasan 19,245 16,893 - - Translation reserve 2,890 2,264 - -

336,967 277,177 326,457 268,616

Revenue account accumulated surplus As at 1 July 40,639 27,522 63,393 46,960 Net surplus attributable to participants for the financial year 44,505 32,871 52,642 35,884 Profits payable to participants for the financial year (23,494) (19,754) (23,239) (19,451)

Balance as at 30 June 61,650 40,639 92,796 63,393

20 Unearned Contribution Reserves

Marine Aviation Group Fire Motor & Transit Miscellaneous Total 2009 RM’000 RM’000 RM’000 RM’000 RM’000

At beginning of the year 128,315 42,505 3,027 20,473 194,320 Increase/(Decrease) in unearned contribution reserves 4,711 24,830 (202) 6,462 35,801

At end of the year 133,026 67,335 2,825 26,935 230,121

2008

At beginning of the year 131,312 44,420 4,518 26,587 206,837 Decrease in unearned contribution reserves (2,997) (1,915) (1,491) (6,114) (12,517)

At end of the year 128,315 42,505 3,027 20,473 194,320

Company 2009 At beginning of the year 125,645 36,807 529 19,181 182,162 Increase/(Decrease) in unearned contribution reserves 5,741 24,198 (222) (1,279) 28,438

At end of the year 131,386 61,005 307 17,902 210,600

2008

At beginning of the year 128,780 39,642 1,984 26,543 196,949 Decrease in unearned contribution reserves (3,135) (2,835) (1,455) (7,362) (14,787)

At end of the year 125,645 36,807 529 19,181 182,162



21 Share capital and reserves

Group and Company 2009 2008 RM’000 RM’000 Authorised Ordinary shares of RM1.00 each 500,000 500,000

Issued and fully paid Ordinary shares of RM1.00 each at 1 July 161,576 156,302 Issue of shares under the employee share option scheme 1,241 5,274

On issue at 30 June 162,817 161,576

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. 22 Dividends

Sen per share Total Date of (net of tax) amount payment 2009 RM’000

Dividend paid, final for financial year 2008 ordinary 2.63 4,274 9/1/09

2008 Dividend paid, interim for financial year 2008 ordinary 2.61 4,163 27/6/08

After the balance sheet date, the following dividend was proposed by the Directors. This dividend will be recognised in

subsequent financial reports upon approval by the shareholders.

Sen per share Total amount (net of tax) RM’000 Final (proposed) for financial year 2009 ordinary 5.44 8,853

23 Operating Revenue

Shareholders’ Family General Group Fund Takaful Takaful Total 2009 RM’000 RM’000 RM’000 RM’000 Gross contributions - 524,867 352,851 877,718 Investment income (Note 24) 9,289 138,850 23,277 171,416

9,289 663,717 376,128 1,049,134

2008 Gross contributions - 655,890 269,104 924,994 Investment income (Note 24) 9,487 117,439 23,914 150,840

9,487 773,329 293,018 1,075,834



23 Operating Revenue (Continued)

Shareholders’ Family General Company Fund Takaful Takaful Total 2009 RM’000 RM’000 RM’000 RM’000

Gross contributions - 433,007 276,294 709,301 Investment income (Note 24) 6,678 132,607 22,491 161,776

6,678 565,614 298,785 871,077

2008 Gross contributions - 538,546 208,041 746,587 Investment income (Note 24) 5,975 112,750 22,918 141,643

5,975 651,296 230,959 888,230

24 Investment income

Shareholders’ Family General Group Fund Takaful Takaful 2009 RM’000 RM’000 RM’000 Islamic debt securities 1,107 74,999 8,584 Deposit/money market placements 4,044 28,028 5,913 Financing - Staff 392 - - - Corporate 239 995 381 Other income from investments 433 - 800 Gross dividend from Shariah approved shares - Quoted in Malaysia 1,305 8,274 2,177 Malaysian Government Islamic papers - 15,939 3,170 Rental of investment properties 2,063 9,217 1,759 (Amortisation of premiums)/Accretion of discounts (64) 4,460 799 Investment expenses (230) (3,062) (306)

Total investment income 9,289 138,850 23,277

2008 Islamic debt securities 664 62,876 6,486 Deposit/money market placements 4,494 28,001 8,776 Financing - Staff 479 - - - Corporate 71 314 - Other income from investments 1,747 1,167 856 Gross dividend from Shariah approved shares - Quoted in Malaysia 942 4,364 1,552 Malaysian Government Islamic papers - 14,884 3,176 Accretion of discounts - 345 2,071 Rental of investment properties 2,263 16,454 2,941 Investment expenses (1,173) (10,966) (1,944)




24 Investment income (Continued)

Shareholders’ Family General Company Fund Takaful Takaful 2009 RM’000 RM’000 RM’000 Islamic debt securities 608 72,082 8,584 Deposit/money market placements 2,014 25,663 5,127 Financing - Staff 392 - - - Corporate 239 633 381 Other income from investments 356 - 800 Gross dividend from Shariah approved shares - Quoted in Malaysia 1,305 8,274 2,177 Malaysian Government Islamic papers - 15,939 3,170 Rental of investment properties 2,058 8,618 1,759 (Amortisation of premiums)/Accretion of discounts (64) 4,460 799 Investment expenses (230) (3,062) (306)


2008 Islamic debt securities 413 61,703 6,486 Deposit/money market placements 2,666 25,822 7,781 Financing - Staff 479 - - Other income from investments 404 823 855 Gross dividend from Shariah approved shares - Quoted in Malaysia 942 4,364 1,552 Malaysian Government Islamic papers - 14,884 3,176 Accretion of discounts - 345 2,071 Rental of investment properties 2,244 15,775 2,941 Investment expenses (1,173) (10,966) (1,944)


25 Other operating income


Income from ILB, service charge and management fees 7,363 - - Miscellaneous income 7,860 213 (13) Fair value gain arising from investment properties 121 16,200 1,700 Writeback of allowance for bad and doubtful debts - - 5,578 Writeback of allowance for doubtful financing 2,045 3,203 1,950 Gain on disposal of investments 44 1,038 957 Gain on disposal of investment properties 356 754 396 Gain on disposal of property and equipment 61 - -

17,850 21,408 10,568



25 Other operating income (Continued)


Income from ILB, service charge and management fees 16,927 217 - Miscellaneous income 1,551 2,675 9,784 Fair value gain arising from investment properties 2,162 10,658 2,869 Gain on disposal of investments 6,812 44,406 6,457 Gain on disposal of property and equipment 26 17 68

27,478 57,973 19,178

Company 2009 Income from ILB, service charge and management fees 6,491 - - Miscellaneous income 2,218 591 - Fair value gain arising from investment properties 120 15,456 1,700 Writeback of allowance for bad and doubtful debts - - 5,578 Writeback of allowance for doubtful financing 2,045 3,276 1,950 Gain on disposal of investments 31 14,007 942 Gain on disposal of investment properties 356 754 396 Gain on disposal of property and equipment 26 - -

11,287 34,084 10,566

2008 Income from ILB, service charge and management fees 12,864 - - Miscellaneous income (26) 2,109 8,166 Fair value gain arising from investment properties 2,158 10,658 2,869 Gain on disposal of investments 6,362 38,504 6,457 Gain on disposal of property and equipment 26 - -

21,384 51,271 17,492



26 Management expenses Group Company 2009 2008 2009 2008 Shareholders’ Fund RM’000 RM’000 RM’000 RM’000

Staff costs 76,277 76,698 61,559 60,389 Directors’ remuneration - Salaries and other emoluments 2,726 2,308 2,140 1,546 - Fees 766 360 350 333 Shariah Committee remuneration - Emoluments 9 - 9 - - Fees 148 173 90 105

79,926 79,539 64,148 62,373

Depreciation 10,567 17,716 9,133 16,157 Amortisation of prepaid lease payment 250 31 30 31 Audit fees - Company auditors 300 271 280 248 - Other auditors 61 77 - - Licence fees 371 546 371 546 Legal fees 374 105 97 8 Professional fees 8,928 11,535 8,752 11,413 Rental of properties 8,261 9,042 6,401 7,353 Rental of equipments 5,067 3,734 5,059 3,729 Repair and maintenance - property and equipment 5,759 3,200 5,290 3,200 Travelling expenses 3,266 2,035 2,557 2,035 Utilities 2,292 1,350 2,073 1,350 Communication costs 6,113 5,386 4,472 5,386 Advertising 2,539 1,750 1,524 1,750 Other expenses 14,346 5,872 2,699 5,850

68,494 62,650 48,738 59,056

Total management expenses 148,420 142,189 112,886 121,429

All management expenses are incurred at the Shareholders’ fund level. The estimated monetary value of benefits-in-kind

received by the directors, are RM154,000 (2008: RM243,000) and RM93,000 (2008: RM177,000) at Group and Company level respectively.

27 Other operating expenses

Shareholders’ Family General Group Fund Takaful Takaful 2009 RM’000 RM’000 RM’000 Allowance for diminution in value of investments 2,192 19,169 1,661 Allowance for bad and doubtful debts 1,196 20,963 2,082 Write off of equipments 1,582 - - Commission 9,583 - - Administrative and general expenses 901 1,408 5,020

15,454 41,540 8,763



27 Other operating expenses (Continued)

Shareholders’ Family General Group Fund Takaful Takaful 2008 RM’000 RM’000 RM’000 Writeback of allowance for diminution in value of investments (3,272) (1,798) (2,110) Impairment loss on assets held for sale 20,308 - - (Writeback of) / Allowance for bad and doubtful debts (210) (14,095) 20,659 Writeback of allowance for doubtful financing (248) (982) (822) Write off of equipments 4,548 69 - Qardh Hasan written off 9,734 - - Commission 8,795 - - Administrative and general expenses 19,845 9,892 4,213

59,500 (6,914) 21,940

Shareholders’ Family General Company Fund Takaful Takaful 2009 RM’000 RM’000 RM’000 Allowance for diminution in value of investments 1,666 19,305 1,343 Allowance for bad and doubtful debts - 15,340 - Write off of equipment 1,582 - - Commission 1,367 - - Administrative and general expenses - 1,408 2,774

4,615 36,053 4,117

2008 Writeback of allowance for diminution in value of investments (3,189) (1,799) (2,110) Allowance for diminution in value of investment in a subsidiary 8,513 - - (Writeback of )/Allowance for bad and doubtful debts (210) (16,908) 21,228 Writeback of allowance for doubtful financing (248) (982) (822) Write off of equipment 4,548 66 - Administrative and general expenses 745 7,460 2,862

10,159 (12,163) 21,158

28 Key Management Personnel Compensation

Group Company 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000 Directors Executive: Salaries and other emoluments 2,472 2,293 2,140 1,531 Benefits-in-kind 121 95 61 29

2,593 2,388 2,201 1,560



28 Key Management Personnel Compensation (Continued)


Non-Executive: Other emoluments 254 15 - 15 Fees 766 360 350 333 Benefits-in-kind 33 148 32 148

1,053 523 382 496

Other key management personnel: Short-term employment benefits 3,515 3,711 2,248 2,571 Benefits-in-kind 114 72 10 72

3,629 3,783 2,258 2,643

Total 7,275 6,694 4,841 4,699

29 Employee information Group Company 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000

Staff costs 76,277 76,698 61,559 60,389

The number of employees of the Group and of the Company (including Executive Director) at the end of the year were 1,488 (2008: 1,920) and 946 (2008: 1,342) respectively.

Staff costs of the Group and of the Company include contributions to the Employees Provident Fund of RM8,046,947 (2008:

RM7,378,006) and RM7,843,780 (2008: RM7,196,088) respectively.

30 Employee benefits Equity compensation benefits Share option plan On 28 June 2003, the Company’s shareholders approved the establishment of an employees’ share option scheme of not more

than 10% of the issued share capital of the Company to eligible Directors and employees of the Group. The option scheme expired on 2 November 2008. The salient features of the scheme are as follows:

(i) Eligible employees are those who have been confirmed in writing as employees of the Group (save for any subsidiaries which are dormant and which are not incorporated in Malaysia) for at least one year prior to the date of the offer.

(ii) The option is personal to the grantee and is non-assignable.

(iii) The option price shall be determined by the average of the middle market quotation of the Company’s ordinary shares as shown in the daily official list issued by Bursa Malaysia Securities Berhad (“Bursa Malaysia”) for the five trading days preceding the respective dates of the offer in writing to the grantee or at the par value of the ordinary shares of the Company, whichever is higher.



30 Employee benefits (Continued)

Equity compensation benefits (continued) Share option plan (continued)

(iv) The options granted may be exercised at any time within a period of five years from the date of offer of the option or such shorter period as may be specifically stated in the offer upon giving notice in writing.

(v) The options granted may be exercised in full or in lesser number of ordinary shares provided that the number shall not be less than 1,000 new shares and not more than ten per cent (10%) of the issued and paid up share capital of the Company at the point in time when an offer is made.

(vi) The option scheme shall be in force for five years until 1 November 2008.

The persons to whom the options have been granted have no rights to participate by virtue of the options in any share issue of any other company.

Movements in the number of shares options held by employees are as follows: 2009 2008 ’000 (units) ’000 (units) As at 1 July 1,915 8,156 Exercised during the financial year (1,241) (5,274) Lapsed during the financial year (674) (967)

As at 30 June - 1,915

The options, which had an exercise price of RM1.20 ordinary per share, expired on 2 November 2008.

During the current financial year, 1,241,000 share options were exercised (2008: 5,274,000). The weighted average share price for the year was RM1.70 (2008: RM1.58). The weighted average share price was determined based on the total market value (at daily closing price) over the total number of options on the days of exercise.

31 Tax expense


Current tax expense Malaysian - under provision in prior years - 10,715 - 10,863 Overseas - current year 37 - - -

37 10,715 - 10,863

Deferred tax expense Origination and reversal of temporary differences 10,008 (1,493) 9,789 755 Over provision in prior years (1,646) - (1,646) -

8,362 (1,493) 8,143 755

8,399 9,222 8,143 11,618



31 Tax expense (Continued)


Reconciliation of effective tax rate Profit before zakat and taxation 49,715 37,910 45,831 46,119

Income tax using Malaysian tax rate 12,429 9,857 11,458 11,991 Effect of different tax rates in local jurisdiction - 1,225 - 1,225 Items not subject to tax (5,263) (12,575) (4,843) (12,461) Non-deductible expenses 2,879 - 3,174 -

10,045 (1,493) 9,789 755 (Over)/under provision of tax in prior year (1,646) 10,715 (1,646) 10,863

Tax expense 8,399 9,222 8,143 11,618

32 Earnings per share - Group (a) Basic earnings per share

The calculation of basic earnings per share is based on the net profit attributable to ordinary shareholders of RM39,394,000 (2008: RM29,705,000) and the weighted average number of ordinary shares issued during the year of 162,716,000 (2008: 158,635,000).

Weighted average number of ordinary shares 2009 2008 ’000 (units) ’000 (units)

Issued ordinary shares at beginning of the year 161,576 156,302 Effect of new shares issued 1,140 2,333

Weighted average number of ordinary shares 162,716 158,635

(b) Diluted earnings per share

Diluted earnings per share is calculated by dividing the net profit attributable to shareholders by the weighted average number of shares in issue adjusted for potential dilutive ordinary shares arising from share options granted to employees.

2009 2008 ’000 (units) ’000 (units)

Weighted average number of ordinary share in issue 162,716 158,635 Adjustment for share options - 464

Total 162,716 159,099



33 Net Claims Incurred Marine Aviation Fire Motor & Transit Miscellaneous Total RM’000 RM’000 RM’000 RM’000 RM’000

Group 2009 Gross claims paid less salvage 46,110 50,540 23,532 40,095 160,277 Retakaful recoveries (30,218) (5,279) (18,049) (15,730) (69,276)

Net claims paid 15,892 45,261 5,483 24,365 91,001 Net outstanding claims: At end of the year 26,823 76,509 10,643 57,430 171,405 At beginning of the year (44,519) (62,587) (12,904) (65,588) (185,598)

Net claims incurred (1,804) 59,183 3,222 16,207 76,808

2008 Gross claims paid less salvage 34,295 47,400 16,736 35,509 133,940 Retakaful recoveries (25,507) (3,115) (10,039) (11,590) (50,251)


Net claims incurred 14,794 62,830 2,124 25,245 104,993

Marine Aviation Fire Motor & Transit Miscellaneous Total RM’000 RM’000 RM’000 RM’000 RM’000

Company 2009 Gross claims paid less salvage 38,522 41,137 21,347 34,505 135,511 Retakaful recoveries (29,483) (4,091) (17,868) (15,319) (66,761)


Net claims incurred (4,576) 49,175 2,552 12,370 59,521



33 Net Claims Incurred (Continued)

Marine Aviation Fire Motor & Transit Miscellaneous Total RM’000 RM’000 RM’000 RM’000 RM’000

Company (continued) 2008

Gross claims paid less salvage 28,092 37,422 12,244 31,076 108,834 Retakaful recoveries (24,022) (2,615) (9,059) (10,827) (46,523)

Net claims paid 4,070 34,807 3,185 20,249 62,311

Net outstanding claims: At end of the year 34,665 57,961 7,065 54,742 154,433 At beginning of the year (28,171) (41,080) (12,447) (55,975) (137,673)

Net claims incurred 10,564 51,688 (2,197) 19,016 79,071

34 Investment-linked takaful business (ILB) Balance Sheet as at 30 June Group Company 2009 2008 2009 2008 Assets RM’000 RM’000 RM’000 RM’000 Investments (Note 8) 181,268 165,518 130,061 124,543 Receivables 5,053 8 5,052 8 Due from General Takaful Fund (Note 14) 7 - 7 - Cash and bank balances 7,278 9,933 6,357 6,289

Total ILB assets 193,606 175,459 141,477 130,840

Liabilities Provision for outstanding claims 3,073 341 3,073 341 Payables 3,242 4,362 3,242 4,362 Due to Shareholders’ Fund (Note 11) 3,908 1,127 3,908 1,127 Due to Family Takaful Fund (Note 11) 4,377 4,209 4,377 4,209 Due to General Takaful Fund (Note 11) - 370 - 370

Total ILB liabilities 14,600 10,409 14,600 10,409

Net asset value of funds 179,006 165,050 126,877 120,431

Revenue account for the year ended 30 June Gross contributions 33,052 134,267 3,032 94,663 Retakaful (132) (109) (132) (109)

32,920 134,158 2,900 94,554 Decrease in unearned contribution reserves 9 26 9 26

Net contributions 32,929 134,184 2,909 94,580



34 Investment-linked takaful business (ILB) (Continued) Revenue account for the year ended 30 June (continued) Group Company 2009 2008 2009 2008 RM’000 RM’000 RM’000 RM’000

Benefits paid and payable Death/disability (120) (5,596) (120) 59 Surrenders (12,702) (4,986) (3,858) (4,987) Redemption of units for Tabarru’ - (259) - (259) Service charges - (4,034) - (146) Others (3) (87) (3) (87) Maturities - (42) - (42)

(12,825) (15,004) (3,981) (5,462)

Net admin fee (131) - (131) -

19,973 119,180 (1,203) 89,118

Comprises: Underwriting profit/(loss) – Individual Family ILB 19,660 118,404 (1,516) 88,342 Underwriting profit – Group Family ILB 313 776 313 776

19,973 119,180 (1,203) 89,118 Less: Underwriting profit/(loss) – Individual Family ILB (19,660) (118,404) 1,516 (88,342)

Underwriting profit – Group Family ILB 313 776 313 776 Investment income (12,312) 6,271 1,254 3,150 Other operating income 115 79 115 78 Other operating expenses (16,671) - (12,300) -

(Loss)/Profit attributable to the Company and participants after excluding underwriting profit – Individual Family ILB (28,555) 7,126 (10,618) 4,004 Profit attributable to the Company transferred to Income Statement (177) (513) (177) (513)

(Loss)/Profit attributable to participants for the year (28,732) 6,613 (10,795) 3,491

Family ILB Fund at beginning of the year 165,050 44,717 120,431 33,113 Underwriting profit – Family ILB 19,660 118,404 (1,516) 88,342 (Loss)/Profit attributable to participants for the year (28,732) 6,613 (10,795) 3,491 Unearned contribution reserves (9) (25) (9) (24) Unrealised loss in value of investments - (4,491) - (4,491) Seed capital 18,766 - 18,766 - Translation reserve 4,271 (168) - -

Family ILB Fund at end of the year 179,006 165,050 126,877 120,431



35 Related parties

For the purposes of these financial statements, parties are considered to be related to the Group or the Company if the Group or the Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group or the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities.

Key management personnel are defined as those persons having authority and responsibility for planning, directing and

controlling the activities of the Group either directly or indirectly. The key management personnel includes all the Directors of the Group, and certain members of senior management of the Group. Compensation paid to key management personnel have been disclosed in Note 28.

Significant transactions with related parties during the year are as follows. Balances outstanding in respect of these transactions

are disclosed in Notes 11 and 14.


Subsidiary company (Note 6) Contribution for facultative and treaty outward - - 1,021 3,790 Related companies Rental income 7,368 7,258 7,368 7,258 Contribution for Family Takaful 3,011 5,183 3,011 5,183 Contribution for General Takaful 4,479 3,189 4,479 3,189 Lease rental expense 394 394 394 394

36 Operating leases Total future minimum lease payments under non-cancellable operating leases are as follows: Group and Company 2009 2008 RM’000 RM’000

Non-related parties: Less than one year 495 2,713 Between one and five years 4,487 2,658 Related parties: Less than one year 38 407 Between one and five years 1,084 1,084

Lease commitments are wholly payable from the Shareholders’ fund. The Group and the Company lease a number of computers and equipment under operating leases. The leases typically run an

initial period of five years, with an option to renew the lease after that date.



37 Capital commitments

Group and Company 2009 2008 RM’000 RM’000 Authorised by the Directors and contracted for 1,841 12,723

38 Segmental information 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 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 are 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 shareholders 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. Geographical segments Malaysia Indonesia Eliminations Consolidated RM’000 RM’000 RM’000 RM’000 2009 Total external revenue 896,982 152,152 - 1,049,134 Inter-segment revenue - - - -

Total segment revenue 896,982 152,152 - 1,049,134

Segment result 48,512 1,203 - 49,715

Finance costs -

Profit before zakat & taxation 49,715 Zakat (862) Tax expense (8,399)

Profit for the year 40,454

Segment assets by location of assets 4,114,287 257,948 - 4,372,235

Segment liabilities by location of liabilties 3,788,199 206,591 - 3,994,790

Capital expenditure by location of assets 4,152 693 - 4,845

Depreciation and amortisation 9,163 1,654 - 10,817

Non-cash expenses other than depreciation and amortisation 23,192 - - 23,192



38 Segmental information (Continued)

Geographical segments (continued) Malaysia Indonesia Eliminations Consolidated RM’000 RM’000 RM’000 RM’000 2008 Total external revenue 957,522 164,128 - 1,121,650 Inter-segment revenue - - - -

Total segment revenue 957,522 164,128 - 1,121,650

Segment result 33,844 4,066 - 37,910

Finance costs -

Profit before zakat & taxation 37,910 Zakat (4,050) Tax expense (9,222)

Profit for the year 24,638

Segment assets by location of assets 3,855,907 218,942 (27,550) 4,047,299

Segment liabilities by location of liabilties 3,506,723 204,541 - 3,711,264

Capital expenditure by location of assets 14,637 1,015 - 15,652

Depreciation and amortisation 16,333 1,414 - 17,747

Non-cash income other than depreciation and amortisation 9,647 - - 9,647

Segmental Information on Cash Flows Shareholders’ Family General Group Fund Takaful Takaful Total 2009 RM’000 RM’000 RM’000 RM’000 Cash flows from: Operating activities (9,900) (86,851) (47,545) (144,296) Investing activities 10,085 30,538 16,194 56,817 Financing activities (2,784) - - (2,784)

(2,599) (56,313) (31,351) (90,263)

Net decrease in cash and cash equivalents (2,599) (56,313) (31,351) (90,263) Cash and cash equivalents: At beginning of the year 10,195 116,849 40,277 167,321

At end of the year 7,596 60,536 8,926 77,058

2008 Cash flows from: Operating activities 7,204 60,782 15,286 83,272 Investing activities (15,070) 339 253 (14,478) Financing activities 2,165 - - 2,165

(5,701) 61,121 15,539 70,959

Net (decrease)/increase in cash and cash equivalents (5,701) 61,121 15,539 70,959 Cash and cash equivalents: At beginning of the year 15,896 55,728 24,738 96,362

At end of the year 10,195 116,849 40,277 167,321



38 Segmental information (Continued) Shareholders’ Family General Company Fund Takaful Takaful Total 2009 RM’000 RM’000 RM’000 RM’000

Cash flows from: Operating activities 12,315 (78,120) (45,372) (111,177) Investing activities (11,355) 30,766 16,194 35,605 Financing activities (2,784) - - (2,784)

(1,824) (47,354) (29,178) (78,356)

Net (decrease)/increase in cash and cash equivalents (1,824) (47,354) (29,178) (78,356) Cash and cash equivalents: At beginning of the year 8,297 101,693 34,864 144,854

At end of the year 6,473 54,339 5,686 66,498

2008

Cash flows from: Operating activities 7,510 57,186 12,314 77,010 Investing activities (14,378) (86) (34) (14,498) Financing activities 2,165 - - 2,165

(4,703) 57,100 12,280 64,677

Net (decrease)/increase in cash and cash equivalents (4,703) 57,100 12,280 64,677 Cash and cash equivalents: At beginning of the year 13,000 44,594 22,583 80,177

At end of the year 8,297 101,694 34,863 144,854

39 Financial Risks

Financial risk management objectives and policies

Exposure to underwriting, credit, currency and liquidity risks arises in the normal course of the Group and the Company’s business. The Group and the Company are guided by risk management policies and guidelines that set out their overall business strategies and general risk management philosophy. The Group and the Company have established processes to monitor the risk on an ongoing basis.

Underwriting risk

Underwriting risk includes the risk of incurring higher claims costs than expected owing to the random nature of claims and their frequency and severity and the risk of change in legal or economic conditions or behavioural patterns affecting takaful pricing and conditions of takaful or retakaful cover. This may result in the situation of having either received too little contribution for the risks it has agreed to underwrite and hence has not enough funds to invest and pay claims, or claims are in excess of those expected.

The Group and the Company seek to minimise underwriting risk with a balanced mix and spread of business between classes of business and by observing underwriting guidelines and limits, conservative estimation of the claims provisions and high standards applied to security for retakaful.



39 Financial Risks (Continued)

Credit risk Credit risk represents the loss that would be recognised if counter parties to takaful, retakaful and investment transactions

failed to perform as contracted. Exposure to credit risk is monitored on an ongoing basis. At balance sheet date, approximately 15.8% of the Group and the Company’s fixed deposits are placed with a related company.

The maximum exposure to credit risk for the Group and the Company is represented by the carrying amount of each financial asset.

Foreign currency risk The Group and the Company incur foreign currency risk on transactions that are denominated in a currency other than

Ringgit Malaysia and also the translation of the financial statements of the subsidiaries to Ringgit Malaysia. The Group and the Company do not hedge their foreign currency risks and therefore exposures to foreign currency risk are monitored on an ongoing basis.

Liquidity risk

The Group monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows.

Financial instruments Effective profit rates and repricing analysis In respect of profit-earning financial assets, the following table indicates their effective profit rates at the balance sheet date

and the periods in which they reprice or mature, whichever is earlier.

Shareholders’ Fund Group Effective Less than 1-2 2 -3 3-4 4-5 More than 2009 Profit Rate Total 1 year years years years years 5 years % RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Financial assets Islamic debt securities 4.29 70,539 21,456 863 1,380 690 12,281 33,869 Secured financing 10.57 2,364 1,757 22 191 262 132 - Deposits and money market placement 2.40 112,039 111,839 200 - - - - Staff financing 3.55 11,654 2,061 24 147 161 771 8,490

Total 196,596 137,113 1,109 1,718 1,113 13,184 42,359

Group 2008

Financial assets Islamic debt securities 4.44 8,597 44 31 230 156 104 8,032 Secured financing 11.17 699 - 197 133 3 3 363 Deposits and money market placement 3.53 80,512 75,255 5,058 199 - - - Staff financing 3.55 12,003 12 47 59 289 351 11,245

Total 101,811 75,311 5,333 621 448 458 19,640




Family Takaful Fund

Group Effective Less than 1-2 2 -3 3-4 4-5 More than 2009 Profit Rate Total 1 year years years years years 5 years % RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Financial assets Islamic debt securities 5.47 1,406,668 32,601 36,022 99,483 89,073 79,350 1,070,139 Malaysian Government Islamic papers 3.50 519,996 - - 73,580 20,018 5,160 421,238 Secured and unsecured financing 11.27 9,382 2,986 - - 3,382 3,000 14 Deposits and money market placement 2.85 575,962 506,371 26,030 38,561 - - 5,000

Total 2,512,008 541,958 62,052 211,624 112,473 87,510 1,496,391

Group 2008

Financial assets Islamic debt securities 6.24 1,147,411 26,377 16,144 26,783 85,398 112,695 880,014 Malaysian Government Islamic papers 4.02 411,607 - - 19,523 70,517 14,985 306,582 Secured and unsecured financing 7.32 19,695 16,155 63 183 98 105 3,091 Deposits and money market placement 3.47 737,374 669,370 21,575 25,980 20,349 100 -

Total 2,316,087 711,902 37,782 72,469 176,362 127,885 1,189,687

General Takaful Fund

Group Effective Less than 1-2 2 -3 3-4 4-5 More than 2009 Profit Rate Total 1 year years years years years 5 years % RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Financial assets Islamic debt securities 4.85 228,542 - 10,021 32,880 13,905 21,222 150,514 Malaysian Government Islamic papers 3.35 98,024 - - 18,615 - 15,337 64,072 Secured and unsecured financing 9.42 3,478 1,478 - - - 2,000 - Deposits and money market placement 3.01 126,649 113,334 9,440 3,875 - - -

Total 456,693 114,812 19,461 55,370 13,905 38,559 214,586

Group 2008

Financial assets Islamic debt securities 5.48 145,057 9,989 - 10,064 15,454 10,000 99,550 Malaysian Government Islamic papers 4.04 92,151 - - 5,005 28,036 - 59,110 Secured and unsecured financing 9.72 2,024 2,024 - - - - - Deposits and money market placement 3.58 144,121 124,955 5,850 9,440 3,876 - -

Total 383,353 136,968 5,850 24,509 47,366 10,000 158,660




Shareholders’ Fund

Company Effective Less than 1-2 2 -3 3-4 4-5 More than 2009 Profit Rate Total 1 year years years years years 5 years % RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Financial assets Islamic debt securities 6.17 40,630 - - - - 10,901 29,729 Secured financing 10.00 1,757 1,757 - - - - - Deposits and money market placement 2.36 78,477 78,277 200 - - - - Staff financing 3.55 11,654 2,061 24 147 161 771 8,490

Total 132,518 82,095 224 147 161 11,672 38,219

Company 2008

Financial assets Islamic debt securities 6.50 5,613 - - - - - 5,613 Deposits and money market placement 3.47 64,538 64,338 - 200 - - - Staff financing 3.55 12,003 12 47 59 289 351 11,245

Total 82,154 64,350 47 259 289 351 16,858

Family Takaful Fund

Company Effective Less than 1-2 2 -3 3-4 4-5 More than 2009 Profit Rate Total 1 year years years years years 5 years % RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Financial assets Islamic debt securities 5.50 1,371,336 30,044 29,122 89,133 82,173 70,725 1,070,139 Malaysian Government Islamic papers 3.50 519,996 - - 73,580 20,018 5,160 421,238 Secured and unsecured financing 9.47 5,662 2,662 - - - 3,000 - Deposits and money market placement 3.04 519,227 449,636 26,030 38,561 - - 5,000

Total 2,416,221 482,342 55,152 201,274 102,191 78,885 1,496,377

Company 2008

Financial assets Islamic debt securities 6.24 1,131,270 24,910 15,130 25,060 80,228 109,247 876,695 Malaysian Government Islamic papers 4.02 411,607 - - 19,523 70,517 14,985 306,582 Secured and unsecured financing 9.72 3,073 3,073 - - - - - Deposits and money market placement 3.46 695,022 627,019 21,575 25,980 20,349 99 -

Total 2,240,972 655,002 36,705 70,563 171,094 124,331 1,183,277




General Takaful Fund

Company Effective Less than 1-2 2 -3 3-4 4-5 More than 2009 Profit Rate Total 1 year years years years years 5 years % RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Financial assets Islamic debt securities 4.85 228,542 - 10,021 32,880 13,905 21,222 150,514 Malaysian Government Islamic papers 3.35 98,024 - - 18,615 - 15,337 64,072 Secured and unsecured financing 9.42 3,478 1,478 - - - 2,000 - Deposits and money market placement 2.90 106,193 92,878 9,440 3,875 - - -

Total 436,237 94,356 19,461 55,370 13,905 38,559 214,586

Company 2008

Financial assets Islamic debt securities 5.48 145,057 9,989 - 10,064 15,454 10,000 99,550 Malaysian Government Islamic papers 4.04 92,151 - - 5,005 28,036 - 59,110 Secured and unsecured financing 9.72 2,024 2,024 - - - - - Deposits and money market placement 3.68 122,615 103,449 5,850 9,440 3,876 - -

Total 361,847 115,462 5,850 24,509 47,366 10,000 158,660

40 Reserves

Subject to agreement by the Inland Revenue Board, the Company has sufficient Section 108 tax credit to frank approximately RM47.6 million of its retained profits at 30 June 2009 if paid out as taxable dividends.

The Malaysian Budget 2008 introduced a single tier company income tax system with effect from year of assessment 2008. As

such, the Section 108 tax credit as at 31 December 2007 will be available to the Company until such time the credit is fully utilised or upon expiry of the six year transitional period on 31 December 2013, whichever is earlier.

41 Contingent liabilities

Prior to the amendments of Section 60AA of the Income Tax Act 1967 (Section 60AA), capital allowances had been claimed by way of deduction from tax adjusted income in both General and Family Takaful Funds whilst the Shareholders’ Fund is not entitled to claim capital allowances. The amended Section 60AA stipulates that the tax adjusted income of the Shareholders’ Fund shall be ascertained by taking into account the amount of income distributed or credited from Family and General Takaful Funds and as a result both General and Family Takaful Funds would have nil tax adjusted income. As such, capital allowances claimable for the years of assessment from 1997 to 2008 would be carried forward indefinitely as the operator’s share of profits from the Family and General Funds will be taxed in the Shareholders’ Fund.



41 Contingent liabilities (Continued)

The Company has presented the issue on non-deductibility of capital allowances to the Ministry of Finance (MOF) on 30 March 2009. The MOF has agreed via letter dated 2 April 2009 to review the tax issue and thereafter, will advise the Company accordingly. No provision has been made by the Company for the potential tax liabilities of the previous and current years pending the outcome of the said discussion and future appeals. The potential tax exposure to the Company assuming that the deduction of capital allowances in Shareholders’ Fund is rejected by the MOF is approximately RM18.2 million. In addition, the Company would have to reverse its current balance of deferred tax asset which is in relation to unabsorbed capital allowances brought forward by approximately RM5.6 million.

42 Comparatives

Certain comparative figures have been reclassified during the year to conform with current year presentation as follows:

Group Shareholders’ Fund Family Takaful General Takaful RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 As As As previously previously previously Income Statements / Revenue Accounts Restated stated Restated stated Restated stated

Gross contributions - - 655,890 647,033 269,104 254,435 Retakaful - - - - (86,604) (66,390) Wakalah fee income/(expense) 33,021 - (15,312) - (17,709) - Net admin fee - - (8,857) - 855 - Investment income 9,487 17,472 117,439 172,466 23,914 30,244 Other operating income 27,478 53,687 57,973 13,912 19,178 14,792 Management expenses (142,189) (124,080) - - - - Other operating expenses (59,500) (78,782) 6,914 (19,364) (21,940) (46,283) Company Shareholders’ Fund Family Takaful General Takaful RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 As As As previously previously previously Income Statements / Revenue Accounts Restated stated Restated stated Restated stated

Gross contributions - - 538,546 529,689 208,041 193,372 Retakaful - - - - (72,738) (52,524) Net admin fee - - (8,857) - 5,545 - Investment income 5,975 13,510 112,750 161,875 22,918 29,248 Other operating income 21,384 15,022 51,271 13,112 17,492 13,106 Management expenses (121,429) (103,320) - - - - Other operating expenses (10,159) (29,441) 12,163 1,197 (21,158) (23,102)


No. Lokasi/ Location

1 Lot 557 & 559 Plaza Melaka Jalan Hang Tuah 75300 Melaka

2 Lot 1 & 2 Kompleks Perniagaan Fajar 91000 Tawau Sabah

3 No. 64 & 65 Kompleks Jitra Jalan Sungai Korok 06000 Jitra Kedah Darul Aman

4 No. 23 Medan Istana 3 Bandar Ipoh Raya 30450 Ipoh Perak Darul Ridzuan

5 No. 84 Batu 3 1/4 Jalan Gombak 53000 Kuala Lumpur

6 Lot 6966, Blok 59 Muara Tuang Jalan Datok Mohd Musa 94300 Kota Samarahan Sarawak

7 Lot 54 & 55 Bandar Wilayah Jasa Jalan Bunga Raya 91100 Lahad Datu Sabah

8 No. 24 Jalan USJ 10/1B 47620 UEP Subang Jaya Selangor Darul Ehsan

PeneranganKegunaan/

Description ofExisting Use

Dua unit Rumah kedai/Pejabat 4 1/2 tingkatTwo units of 4 1/2 storeyShophouse/Office

Tiga unit Kompleks Perniagaan/Pejabat 4 tingkat Three units of 4 storey Commercial Complex/ Office

Dua unit Rumah kedai/Pejabat 2 tingkat Two units of 2 storeyShophouse/Office

Satu unit Rumah kedai/Pejabat 3 tingkatOne unit of 3 storeyShophouse/Office


Satu unit Rumah kedai/Pejabat 3 tingkatOne unit of 3 storey Shophouse/Office

Dua unit Rumah kedai/Pejabat 3 tingkatTwo units of 3 storeyShophouse/Office


Hakmilik/Tenure

Pegangan BebasFreehold

Pajakan bandar 999tahun berakhir pada31.12.2895999 years townlease expiringon 31.12.2895


Pajakan 99 tahunberakhir pada30.03.208199 years lease expiringon 30.03.2081


Pajakan 60 tahunberakhir pada31.12.205360 years lease expiringon 31.12.2053

Pajakan bandar 99 tahun berakhir pada 31.12.209099 years town leaseexpiring on 31.12.2090


KeluasanTanah,

Kawasan Bina/Land,

Built-up Area(kaki persegi/square feet)

Nilai BukuBersih pada/

Net BookValue as at30.06.2009

(RM)

Tarikh Penilaian Semula/Tarikh

Perjanjian Jualbeli/Date of

Revaluation/Date of Sale and Purchase Agreement

UsiaBangunan/

Age ofBuilding

(tahun/years)

26

18

23

14

23

14

14

15

3,485/14,434

4,025/6,037

3,095/6,935

1,539/4,255

1,883/8,700

1,312/3,750

2,400/7,200

3,200/9,600

1,471,070

2,235,000

545,000

400,000

850,000

550,000

1,302,307

3,514,617

25.03.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009(Lot 54)/

27.12.1995(Lot 55)

08.06.1996

Maklumat HartanahParticulars of Properties


9 No. 15 & 17 Jalan Kelibang Langkawi Mall 07000 Kuah, Langkawi Kedah Darul Aman

10 No. 26 & 28 Jalan Perda Barat Bukit Mertajam Seberang Prai 14000 Penang

11 Lot 2, 3 & 4 Jalan Kulas 93400 Kuching Sarawak

12 No. 14 & 16 Jalan Ibrahim 81900 Kota Tinggi Johor Darul Ta’zim

13 No. 312 Jalan Bandar 13 Taman Melawati 53100 Kuala Lumpur

14 No. 20, Fasa 1A Jalan Haji Manan 86000 Kluang Johor Darul Ta’zim

15 No. 64 - D Leboh Bishop 10200 Pulau Pinang

16 Lot 13 & 14 Lazenda Commercial Centre Jalan Okk Abdullah 87007 Wilayah Persekutuan Labuan

PeneranganKegunaan/


Hakmilik/Tenure

UsiaBangunan/

Age ofBuilding

(tahun/years)



Pegangan bebasFreehold


Pajakan 99 tahunLot 14 berakhir pada08.05.2082Lot 16 berakhir pada04.12.207899 years leaseLot 14 expiring on08.05.2082Lot 16 expiring on04.12.2078


Pajakan 99 tahun99 years lease


Pajakan 999 tahunberakhir pada30.06.2902999 years leaseexpiring on30.06.2902

16

11

14

23

15

13

32

15

KeluasanTanah,

Kawasan Bina/Land,




(RM)




1,440/7,720

3,293/8,840

4,817/18,892

3,360/8,544

1,920/7,070

2,658/9,930

3,972/19,630

2,504/7,200

470,000

1,000,000

4,751,930

800,000

1,245,000

1,750,000

4,000,000

1,689,200

30.06.2009

30.06.2009

30.06.2009

30.06.2008

30.06.2009

30.06.2009

30.06.2009

30.06.2009(Lot 13)/

14.01.1997(Lot 14)



Tiga unit Rumah kedai/Pejabat 3 tingkatThree units of 3 storeyShophouse/Office




Satu unit bangunanPejabat 6 tingkat (9 level)One unit of 6 storeyOffice building (9 level)

Dua unit bangunanPejabat 3 tingkatTwo units of 3 storeyOffice building




17 Lot 6967, Blok 59 Muara Tuang Jalan Datok Mohd Musa 94300 Kota Samarahan Sarawak

18 Lot 28, 30 & 32 Jalan 2/3A, Pasar Borong 68100 Selayang Selangor Darul Ehsan

19 Lot 12680 Level 1 & Mezzanine Jalan Bukit Timbalan 80000 Johor Bharu Johor Darul Ta’zim

20 Lot 12680 Level 3, Jalan Bukit Timbalan 80000 Johor Bharu Johor Darul Ta’zim

21 Lot 14(S1) & 15(S1) Indah Point, Section 12 Pulau Indah Industrial Park 42000 Klang, West Port Selangor Darul Ehsan

22 No. 1 & 2 Jalan Kelicap Taman Pekan Baru 34200 Parit Buntar Perak Darul Ridzuan

23 No. 46 & 47, Darul Takaful Jalan Rahmat 83000 Batu Pahat Johor Darul Ta’zim

PeneranganKegunaan/




Dua tingkat bangunanPejabat 13 tingkatTwo floors of 13 storeyOffice building

Satu tingkat bangunanPejabat 13 tingkatOne floor of 13 storeyOffice building

Dua unit Rumah kedai/Pejabat 4 tingkat (kosong)Two units of 4 storeyShophouse/Office (vacant)


Dua unit Rumah kedai/Pejabat 4 tingkatTwo units of 4 StoreyShophouse/Office

Hakmilik/Tenure








KeluasanTanah,

Kawasan Bina/Land,




(RM)

UsiaBangunan/

Age ofBuilding

(tahun/years)

14

22

11

11

10

22

20

1,312/3,750

4,447/16,800

8,354*

6,594*

3,300/10,560

3,956/7,044

3,220/12,092

550,000

2,040,000

2,820,000

1,650,000

810,000

700,000

1,400,000

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009







24 No. 180 & 181 Jalan Tuan Hitam 22000 Jerteh Terengganu Darul Iman

25 Lot 82, 84 & 86 Jalan Rugbi 13/30 Seksyen 13 40100 Shah Alam Selangor Darul Ehsan

26 No. 229, Jalan Shahab 2 Shahab Perdana Jalan Sultanah Sambungan 05350 Alor Star Kedah Darul Aman

27 Lot No. 3803 Jalan Dato’ Ulu Muar 72000 Kuala Pilah Negeri Sembilan Darul Khusus

28 No. 45 Jalan Teluk Sisek 25000 Kuantan Pahang Darul Makmur

29 No. 27, 29 & 31 Pusat Komersil Temerloh 28000 Temerloh Pahang Darul Makmur

30 No. 2 & 4 Jalan 6C/7 43650 Bandar Baru Bangi Selangor Darul Ehsan

PeneranganKegunaan/


Hakmilik/Tenure

UsiaBangunan/

Age ofBuilding

(tahun/years)









19

10

13

10

9

9

22

KeluasanTanah,

Kawasan Bina/Land,




(RM)

3,200/12,250

6,339/11,309

1,400/3,570

2,001/3,120

3,200/8,019

4,195/15,050

6,383/8,032

1,430,000

2,240,000

250,000

405,000

2,000,000

1,320,000

1,500,000

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009



Satu unit Rumah kedai/Pejabat 2 1/2 tingkatOne unit of 2 1/2 storeyShophouse/Office



Tiga unit Rumah kedai/Pejabat 2 1/2 tingkatThree units of 2 1/2 storeyShophouse/Office






PeneranganKegunaan/


Satu unit Rumah kedai/Pejabat 6 tingkatOne unit of 6 storeyShophouse/ Office

Satu tingkat bangunanPejabat 8 1/2 tingkatOne floor of 8 1/2 storeyOffice building



Satu unit bangunanPejabat 12 tingkatOne unit of 12 storeyOffice building



Hakmilik/Tenure





Pajakan kecil 35 tahunberakhir pada27.02.203735 years sub leaseexpiring on 27.02.2037

Pajakan 99 tahunberakhir pada05.10.208899 year leaseexpiring on05.10.2088

Pajakan 99 tahunberakhir pada08.07.208699 year leaseexpiring on08.07.2086

KeluasanTanah,

Kawasan Bina/Land,




(RM)

UsiaBangunan/

Age ofBuilding

(tahun/years)

13

12

8

24

7

17

22

1,500/14,589

7,925*

3,899/10,248

2,800/11,020

3,600/23,637

4,498/8,685

1,905/3,508

3,375,000

3,700,000

1,250,000

1,300,000

6,600,000

950,000

650,000

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009



31 Lot 14 Arab Malaysian Business Centre Jalan Pasar 70000 Seremban Negeri Sembilan Darul Khusus

32 Tingkat Bawah & Mezzanine Wisma Abrar International Lot 54, Seksyen 8 15350 Kota Bharu Kelantan Darul Naim

33 No. 29, Jalan Delima Pusat Perdagangan Pontian 82000 Pontian Johor Darul Ta’zim

34 Lot 11 & 12 Kompleks Seri Temin Jalan Ibrahim 08000 Sungai Petani Kedah Darul Aman

35 Lot 1129 & 1130 Bangunan Darul Takaful Jalan Sultan Ismail 20100 Kuala Terengganu Terengganu Darul Iman

36 No. 616 & 617 Jalan Besar 73000 Tampin Negeri Sembilan Darul Khusus

37 No. 6, Jalan 6C/7 43650 Bandar Baru Bangi Selangor Darul Ehsan






38 Suite 3B/G Blok 3B, Plaza Sentral Jalan Stesen Sentral 5 50470 Kuala Lumpur

39 No. 26 & 27 Jalan Tanjung Pasar Baru 18500 Machang Kelantan Darul Naim

40 No. 330 & 331 Jalan Sultan Yahya Petra 15720 Kota Bharu Kelantan Darul Naim

41 Dataran Kewangan Darul Takaful Jalan Sultan Sulaiman 50000 Kuala Lumpur

42 No. 2408 Taman Samudera 32040 Sri Manjung Perak Darul Ridzuan

43 No. 76A & 76 Pusat Perniagaan Jalan Tupai 34000 Taiping Perak Darul Ridzuan

44 No. 10 & 11 Jalan Sultan Yahya Petra 15200 Kota Bharu Kelantan Darul Naim

PeneranganKegunaan/


Hakmilik/Tenure

UsiaBangunan/

Age ofBuilding

(tahun/years)


Pegangan bebasFreehold







8

28

27

Blok Utama/Main Block

- 36Blok Annex/

Annexe Block- 29

13

6

7

KeluasanTanah,

Kawasan Bina/Land,




(RM)

6,409*

1,600/4,000

3,200/15,200

90,427/393,508

2,800/5,300

3,134/18,304

3,852/9,120

6,000,000

560,000

1,700,000

158,000,000

780,000

1,530,000

1,800,000

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

Satu tingkat bangunanPejabat 22 tingkatOne floor of 22 storeyOffice building


Dua unit bangunanPejabat 4 1/2 tingkatTwo units of 4 1/2 storeyOffice building

Dua unit bangunanPejabatBlok Utama - 26 tingkatBlok Annex - 29 tingkatTwo units ofOffice buildingMain Block - 26 storeyAnnexe Block - 29 storey



Dua unit bangunanPejabat 3 tingkatTwo units of 3 storey Office building





45 No. 4197 Jalan Teluk Wanjah 05200 Alor Star Kedah Darul Aman

46 No. 10 & 8, Jalan Padi Emas 5/2, Bandar Baru UDA 81200 Johor Bharu, Johor Darul Ta’zim

47 No. 4, Kompleks Seri Temin Jalan Ibrahim 08000 Sungai Petani, Kedah Darul Aman

48 No. 16, Jalan Cenderawasih Jalan Kilang Lama 09000 Kulim, Kedah Darul Aman

49 Lot 1340, Miri Waterfront Commercial Centre, 98000 Miri Sarawak

50 No. 6, Jalan Padi Emas 5/2, Bandar Baru UDA 81200 Johor Bharu, Johor Darul Ta’zim

51 No. 148, Kompleks Munshi Abdullah 75200 Melaka

52 No. 16474 & 16475, Pusat Perniagaan Inderapura, Jalan Tras Raub, Pahang Darul Makmur

PeneranganKegunaan/


Hakmilik/Tenure

UsiaBangunan/

Age ofBuilding

(tahun/years)



Pajakan 99 tahun berakhirpada 16.02.209999 years lease expiring on 16.02.2099

Pajakan 99 tahun berakhirpada 03.10.208099 years lease expiringon 03.10.2080


Pajakan 60 tahun berakhir 30.09.205260 years expiring on 30.09.2052




7

4

24

10

5

4

16

10

KeluasanTanah,

Kawasan Bina/Land,




(RM)

8,716/18,440

3,080/ 8,024

1,400/5,510

1,600/4,172

1,400/5,500

1,540/4,012

1,470/6,117

3,218/9,280

3,700,000

1,300,000

650,000

400,000

1,000,000

650,000

750,000

1,300,000

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

30.06.2009

Satu unit bangunanPejabat 4 tingkatOne unit of 4 storeyOffice building

Dua unit bangunan Pejabat 3 tingkatTwo unit of 3 storey Office building

Satu unit bangunan Pejabat 4 tingkatOne unit of 4 storey Office building




Satu unit bangunan Pejabat 4 ½ tingkatOne unit of 4 ½ storey Office building

Dua unit bangunan Pejabat 3 tingkatTwo unit of 3 storey Office building


JUMLAH/TOTAl 243,634,124

* Kawasan Bina/Build up Area





Modal Saham/Share Capital

Modal Dibenarkan : 500,000,000 saham biasa bernilai RM1.00 sesahamAuthorised capital 500,000,000 ordinary shares of RM1.00 each

Modal yang diterbitkan dan dibayar sepenuhnya pada 14 September 2009 : 162,817,000 saham biasa bernilai RM1.00 sesahamIssued and fully paid-up capital as at 14 September 2009 162,817,000 ordinary shares of RM1.00 each

Jumlah pemegang saham pada 14 September 2009 : 1,723No. of shareholders as at 14 September 2009

Kelas saham : Saham biasa bernilai RM1.00 sesahamClass of shares Ordinary shares of RM1.00 each

Hak mengundi : 1 undi bagi setiap saham biasaVoting right 1 vote per ordinary share

Pemegang-Pemegang Saham Utama (5% Dan Lebih)Substantial Shareholders’ Shareholdings (5% And Above)

Nama Pemegang Saham Jumlah Saham Peratus (%)Name of Shareholders Number of Shares Percentage (%)

BIMB Holdings Berhad 106,183,675 65.22

Jumlah/Total 106,183,675 65.22

Pegangan Saham Para Pengarah Pada 14 September 2009Directors’ Shareholdings as at 14 September 2009

Nama Pengarah Jumlah Saham Peratus (%)Name of Directors Number of Shares Percentage (%) Encik Johan b. Abdullah - -

Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil - -

Y.A.M. Tengku Azman Ibni Almarhum Sultan Abu Bakar, SSAP, SIMP, DSAP - -

Puan Rozaida bt. Omar - -

Encik Mahadzir b. Azizan - -

Y. Bhg. Dato’ Sulaiman b. Mohd Yusof - -

Statistik Pegangan SahamShareholdings Statistics


Analisa Pegangan Saham Mengikut Saiz Pada 14 September 2009Analysis By Size of Shareholdings as at 14 September 2009

Saiz Pegangan Saham Bilangan Peratus (%) Jumlah Peratus (%)Size of Shareholdings Pemegang Saham Percentage (%) Pegangan Saham Percentage (%) Number of Number of Shareholders Shareholdings Kurang dari 100 69 4.00 1,695 0.00Less than 100

100 - 1,000 257 14.92 175,805 0.10

1,001 - 10,000 1,143 66.33 3,772,400 2.32

10,001 - 100,000 200 11.61 6,443,700 3.96

100,001 sehingga kurang daripada 5% 53 3.08 46,238,275 28.40saham diterbitkan100,001 to less than 5% of issued shares

5% dan lebih saham diterbitkan 1 0.06 106,183,675 65.225% and above of issued shares

Jumlah/Total 1,723 100.00 162,817,000 100.00

Tiga Puluh (30) Pemegang Saham Terbesar Pada 14 September 2009Thirty (30) largest Shareholders as at 14 September 2009

Nama Pemegang Saham Jumlah Saham Peratus (%)Names of Shareholders Number of Shares Percentage (%)

BIMB Holdings Berhad 106,183,675 65.22

Bimsec Nominees (Asing) Sdn Bhd 7,000,000 4.30(Islamic Development Bank)

Employees Provident Fund Board 6,233,020 3.83

Affin Nominees (Tempatan) Sdn Bhd 4,602,000 2.83(Affin Fund Management Sdn Bhd for Majlis Ugama Islam Dan Adat Resam Melayu Pahang)

RHB Nominees (Asing) Sdn Bhd 4,061,500 2.49(RUSD Investment Bank Inc.)

Lembaga Kemajuan Tanah Persekutuan (FELDA) 2,961,400 1.82

Majlis Agama Islam Negeri Sembilan 2,070,900 1.27




Cimsec Nominees (Tempatan) Sdn Bhd 1,623,100 1.00(Exempt An for CMS Trust Management Bhd)

Cheah See Han 1,599,200 0.98

Kenanga Nominees (Tempatan) Sdn Bhd 1,554,600 0.95(Pledged Securities Account for Majlis Agama Islam Dan Adat Melayu Terengganu (STC))

Wong Chow Weng 1,000,000 0.61

Majlis Agama Islam Melaka 998,250 0.61

Bank Kerjasama Rakyat Malaysia Berhad 687,000 0.42

HSBC Nominees (Asing) Sdn Bhd 583,900 0.36(Exempt An for Credit Suisse (SG BR-TST-Asing))

A.A. Anthony Nominees (Tempatan) Sdn Bhd 530,000 0.33(Pledged Securities Account for Vimala Sgulboonrasi)

Saleem Abdullatif Mustafa 518,600 0.32

Public Nominees (Tempatan) Sdn Bhd 517,100 0.32(Pledged Securities Account for Lee Chow Yong (E-KPG/WMU)

Kumpulan Wang Simpanan Pekerja 500,000 0.31

Universiti Sains Malaysia 500,000 0.31

Mah Yu Lan 500,000 0.31

Chua Seng Sam 465,055 0.29

Lim Khuan Eng 458,100 0.28

Mayban Nominees (Tempatan) Sdn Bhd 448,000 0.28(Pledged Securities Account for Yeoh Ah Tu)

HDM Nominees (Asing) Sdn Bhd 413,000 0.25(DBS Vickers Secs (S) Pte Ltd for Mcneill Michael Mbamali)

Majlis Agama Islam Dan Adat Melayu Perak Darul Ridzuan 400,000 0.25

Amin Baitulmal Johor 400,000 0.25

Miss Wipaporn Limprana 350,000 0.21




HSBC Nominees (Tempatan) Sdn Bhd 335,000 0.21(HSBC (M) Trustee Bhd for Prudential Dana Al-Ilham (4173))

Rommel Josef 330,000 0.20

Citigroup Nominees (Tempatan) Sdn Bhd 323,000 0.20(Exempt An for Prudential Fund Management Berhad)

Jumlah/Total 148,146,400 90.99



WILAYAH PERSEKUTUAN

1. W01 Ibu PejabatTingkat 26, Blok AnnexDataran Kewangan Darul TakafulNo.4 Jalan Sultan Sulaiman50000 Kuala LumpurTel : 03-2268 1984 Faks : 03-2274 0237Toll Free : 1-300-8-8252385Web : http://www.takaful-malaysia.com.my

2. W03 Cawangan Jalan Tun RazakLot 1, Tingkat 17Bangunan Ibu Pejabat Tabung Haji201 Jalan Tun Razak50400 Kuala LumpurTel : 03-2162 1307 Fax : 03-2164 7446

3. W04 Cawangan KL SentralLot CS / 3B / G, Tingkat BawahPlaza Sentral, Jalan Stesen Sentral 550470 Kuala LumpurTel : 03-2273 7691 Fax : 03-2274 1907

4. W05 Cawangan Taman MelawatiNo. 312C, Tingkat 2, Darul TakafulJalan Bandar 13, Taman Melawati53100 Kuala LumpurTel : 03-4106 5854 : 03-4106 3718Fax : 03-4106 5869

5. W09 Cawangan PutrajayaTingkat 1, Blok E 16Parcel E, Precinct 1 Anjung62000 PutrajayaWilayah PersekutuanTel : 03-8889 5261 Fax : 03-8889 5262

6. KL01 Cawangan Kuala LumpurTingkat Bawah, Blok AnnexMenara Tun Razak, Jalan Raja Laut50350 Kuala LumpurTel : 03-2698 7039 : 03-2698 7034 Fax : 03-2691 7511

7. Z33 Treasury Business CentreAras 1, Blok Selatan Perbendaharaan 2Kompleks Kementerian Kewangan No. 7, Persiaran PerdanaPresint 2, Pusat Pentadbiran Kerajaan Persekutuan62592 PutrajayaWilayah PersekutuanTel : 03-8890 3588 Fax : 03-8890 3599

SELANGOR DARUL EHSAN

8. B01 Cawangan KlangLot 17, Tingkat 1, Jalan Taman41400 KlangSelangor Darul EhsanTel : 03-3341 8204 : 03-3344 8713 : 03-3344 6055Fax : 03-3344 5724

9. B04 Cawangan Shah Alam S13Tingkat Bawah, Darul TakafulLot No. 82, 84, 86Jalan Rugbi 13/30, Seksyen 1340100 Shah AlamSelangor Darul EhsanTel : 03-5511 7943 : 03-5511 7944 : 03-5511 7945 : 03-5510 7668Fax : 03-5511 7946

10. B06 Cawangan Petaling JayaNo.10-2 & 12-2, Tingkat 1Jalan 14/22, The Right Angle46100 Petaling JayaSelangor Darul EhsanTel : 03-7955 2723 : 03-7957 9533 : 03-7958 3533Fax : 03-7958 3533

11. B08 Cawangan KajangNo. 5A, Plaza KajangJalan Dato’ P. Algendra 143000 KajangSelangor Darul EhsanTel : 03-8734 6479 : 03-8737 6591Fax : 03-8734 6480

Rangkaian CawanganBranch Network


12. B09 Cawangan Subang JayaNo. 24, Tingkat 2, Darul TakafulJalan USJ 10/1B47500 Subang JayaSelangor Darul EhsanTel : 03-5637 9387 Fax : 03-5637 9391

13. B10 Cawangan Tanjong KarangNo. 732 A, Tingkat AtasRumah Kedai Mara45500 Tanjong KarangSelangor Darul EhsanTel : 03-3269 3197 : 03-3269 8011Fax : 03-3269 3712

14. B12 Cawangan Shah Alam S9No. 15, Tingkat 1Jalan Tengku Ampuan Zabedah 9/BSeksyen 940000 Shah AlamSelangor Darul EhsanTel : 03-5519 6141 : 03-5510 5248 : 03-5510 2162Fax : 03-5510 6249

KEDAH DARUL AMAN

15. K01 Cawangan Alor SetarNo. 229, Jalan Shahab 2, Shahab PerdanaJalan Sultanah Sambungan05150 Alor SetarKedah Darul AmanTel : 04-733 4722 : 04-730 7472 : 04-731 9933Fax : 04-730 2414

16. K02 Cawangan Sungai PetaniNo. 4, Kompleks Seri TeminJalan Ibrahim08000 Sungai PetaniKedah Darul AmanTel : 04-421 4510 : 04-425 6588 : 04-423 0716Fax : 04-425 7588

17. K03 Cawangan KulimNo. 16, Taman CenderawasihJalan Tuanku Putra09000 KulimKedah Darul AmanTel : 04-490 6306 : 04-495 0615Fax : 04-491 1241

18. K06 Cawangan LangkawiNo. 15, Tingkat 1, Darul TakafulJalan Kelibang, Langkawi Mall07000 KuahKedah Darul AmanTel : 04-966 6242 : 04-966 0052Fax : 04-966 6394

PERLIS INDERA KAYANGAN

19. R01 Cawangan KangarNo. 55, Tingkat 1, Lorong SerulingJalan Bukit Lagi01000 KangarPerlis Indera KayanganTel : 04-976 2901 : 04-977 7804 : 04-977 1889Fax : 04-977 7805

PULAU PINANG

20. P01 Cawangan Bandar PerdaNo. 28, Jalan Perda Barat 1Bandar Baru Perda14000 Bukit MertajamPulau PinangTel : 04-537 8573 : 04-538 8479Fax : 04-537 8650

21. P03 Cawangan GeorgetownNo. 64-D, Aras 8, Darul TakafulLeboh Bishop10200 GeorgetownPulau PinangTel : 04-263 7719 : 04-263 8376Fax : 04-263 8400



22. P05 Cawangan Kepala BatasNo. 2148, Tingkat Bawah & 1Jalan Bertam13200 Kepala BatasSeberang Perai Utara, Pulau PinangTel : 04-574 1594 : 04-575 9278Fax : 04-574 1596

23. P09 Cawangan GelugorNo. 2480, Tingkat BawahJalan Sultan Azlan Shah11700 GelugorPulau PinangTel : 04-658 8240 Fax : 04-658 8243

PERAK DARUL RIDZUAN

24. A01 Cawangan IpohNo. 23A, Medan Istana 3Bandar Ipoh Raya30000 IpohPerak Darul RidzuanTel : 05-255 3888 : 05-242 1824 : 05-243 5201Fax : 05-255 1462

25. A02 Cawangan Bandar Baru Sri ManjungNo. 2406, Taman Samudera32040 Sri ManjungPerak Darul RidzuanTel : 05-688 1186 : 05-688 6211Fax : 05-688 7211

26. A03 Cawangan TaipingNo 76, Tingkat 1 & 2, Darul TakafulPusat Perniagaan TaipingJalan Tupai34000 TaipingPerak Darul RidzuanTel : 05-807 9876 : 05-807 6588 : 05-804 1782Fax : 05-808 7588

27. A04 Cawangan Parit BuntarNo. 2, Tingkat 1Jalan Kelichap, Pekan Baru34200 Parit BuntarPerak Darul RidzuanTel : 05-716 1003 : 05-717 2653Fax : 05-717 2733

28. A06 Cawangan Telok IntanLot. 51-1, Jalan Intan 2, Bandar Baru36000 Telok IntanPerak Darul RidzuanTel : 05-622 7790 : 05-622 6202Fax : 05-622 9311

29. A10 Cawangan Tanjong MalimLot 427, No 35-1 Jalan Bunga AnggerikTaman Bunga Raya35900 Tanjung MalimPerak Darul RidzuanTel : 05-458 2115 : 05-459 6896Fax : 05-458 2116

NEGERI SEMBILAN DARUL KHUSUS

30. N01 Cawangan SerembanDarul Takaful, Suite 14-4Arab Malaysia Business CentreJalan Pasar70000 SerembanNegeri Sembilan Darul KhususTel : 06-763 4604 : 06-763 0369 : 06-767 5306Fax : 06-764 9528

31. N04 Cawangan TampinLot. 40 & 41, Tingkat 1Jalan Besar Pulau Sebang73000 TampinNegeri Sembilan Darul KhususTel : 06-441 2363 : 06-441 9722Fax : 06-441 9121



32. N07 Cawangan BahauNo. 19, Tingkat 1, Jalan Mahligai72100 BahauNegeri Sembilan Darul KhususTel : 06-454 0796 Fax : 06-454 0681

MELAKA BANDARAYA BERSEJARAH

33. M01 Cawangan Melaka148, Kompleks Munsyi AbdullahJalan Munshi Abdullah75100 MelakaTel : 06-284 9633 : 06-288 3054 : 06-281 4985Fax : 06-288 1341

34. M02 Cawangan Masjid TanahSU 953 Jalan Bandar Baru 6Taman Bandar Baru Masjid Tanah78300 Masjid TanahMelakaTel : 06-384 7233 Fax : 06-384 8533

35. M03 Cawangan JasinJA 6127, Tingkat BawahTaman Maju77000 JasinMelakaTel : 06-529 1067 Fax : 06-529 8418

JOHOR DARUL TA’ZIM

36. J01 Cawangan Johor BahruNo.8, Aras 3, Menara PerisindJalan Bukit Timbalan80000 Johor BahruJohor Darul Ta’zimTel : 07-224 0369 : 07-224 5426 : 07-226 4645Fax : 07-224 2089

37. J02 Cawangan PontianNo. 52, Lot PTB 12821, Jalan DelimaPusat Perdagangan Pontian82000 PontianJohor Darul Ta’zimTel : 07-687 0727 : 07-687 1359Fax : 07-687 1381

38. J03 Cawangan MuarNo. 5-4, Tingkat BawahJalan Ibrahim84000 MuarJohor Darul Ta’zimTel : 06-952 8808 : 06-955 6206 : 06-952 2102Fax : 06-953 1609

39. J04 Cawangan Batu PahatTingkat 2, No. 46 & 47, Darul TakafulJalan Rahmat83000 Batu PahatJohor Darul Ta’zimTel : 07-434 8560 : 07-432 5673Fax : 07-433 2729

40. J06 Cawangan Kluang20, Tingkat 2, Darul TakafulJalan Haji Manan86000 KluangJohor Darul Ta’zimTel : 07-774 1053 : 07-772 1757Fax : 07-776 8285

41. J08 Cawangan SegamatNo. 28A, Tingkat 1Jalan Buluh Kasap85000 SegamatJohor Darul Ta’zimTel : 07-932 2217 Fax : 07-933 3046

PAHANG DARUL MAKMUR

42. C01 Cawangan KuantanDarul Takaful, No. 45, Tingkat 3Jalan Teluk Sisek25000 KuantanPahang Darul MakmurTel : 09-514 1799 : 09-513 8980 : 09-513 0155Fax : 09-513 1902



43. C02 Cawangan TemerlohNo. 27, Jalan Dato’ Bahaman 3Darul TakafulPusat Dagangan Temerloh28000 TemerlohPahang Darul MakmurTel : 09-296 5560 : 09-296 2595Fax : 09-296 5417

44. C03 Cawangan RaubNo. 41, Tingkat 1Jalan Datuk Abdullah27650 RaubPahang Darul MakmurTel : 09-355 5277 Fax : 09-355 8699

TERENGGANU DARUL IMAN

45. T01 Cawangan Kuala TerengganuLot 1129 & 1130, Tingkat 2 & 3Darul TakafulJalan Sultan Ismail, Off Jalan Banggol20100 Kuala TerengganuTerengganu Darul ImanTel : 09-623 3211 : 09-624 9486 : 09-622 3211Fax : 09-623 9098

46. T02 Cawangan KemamanLot 2.07 & 2.08, Tingkat 2Wisma SerangkaiJalan Sulaimani, Cukai24000 KemamanTerengganu Darul ImanTel : 09-859 4796 : 09-858 6878Fax : 09-858 3455

47. T03 Cawangan JertehLot 318, Tingkat 1Jalan Tangki AirTaman Jerteh22000 Jerteh, BesutTerengganu Darul ImanTel : 09-697 1989 : 09-690 4571Fax : 09-690 4529

48. T04 Cawangan DungunK-17, Tingkat BawahJalan Baru Pak Sabah23000 DungunTerengganu Darul ImanTel : 09-848 3022 : 09-845 6871Fax : 09-845 8550

KELANTAN DARUL NAIM

49. D01 Cawangan Kota BharuLot. 331 & 332, Tingkat BawahDarul TakafulJalan Sultan Yahya Petra, Wakaf Siku15200 Kota BharuKelantan Darul NaimTel : 09-744 7277 : 09-747 8700 : 09-744 1408 : 09-743 9362Fax : 09-748 6864

50. D02 Cawangan MachangLot 27, Tingkat 1Jalan Tanjung18500 MachangKelantan Darul NaimTel : 09-975 1789 : 09-975 8553Fax : 09-975 7626

51. D05 Cawangan Gua MusangLot 4 & 5, Tingkat 1Bangunan Tabung Haji Gua Musang18300 Gua MusangKelantan Darul NaimTel : 09-912 4631 Fax : 09-912 5861

SARAWAK

52. Q01 Cawangan KuchingLot 435, Tingkat 1 & 2, Darul TakafulBangunan Tuanku Haji Mohammad Al-EdrusJalan Kulas93400 KuchingSarawakTel : 082-242 725 : 082-235 121 : 082-247 904 : 082-252 045Fax : 082-234 191



53. Q03 Cawangan MiriDarul TakafulLot 1340, Tingkat Bawah & 1Miri Waterfront Commercial CentreJalan Waterfront98000 MiriSarawakTel : 085-425 961 : 085-420 651Fax : 085-411 724

54. Q04 Cawangan SibuNo. 10H, Lot. 1735, Tingkat 1Bangunan Koperasi SeduanJalan Kampong Datuk96000 SibuSarawakTel : 084-348 346 Fax : 084-325 276

SABAH

55. S01 Cawangan Kota KinabaluLot. A 202 & 203, Tingkat 2, Blok AWisma Muis, Jalan Tengku Abdul RahmanPeti Surat 16402, 88850 Kota KinabaluSabahTel : 088-240 212 : 088-240 312Fax : 088-240 313

56. S02 Cawangan TawauTB 268, Tingkat 1Jalan Mahkamah Kompleks Fajar 91000 TawauSabahTel : 089-776 510 : 089-770 960Fax : 089-756 697

57. S03 Cawangan LabuanLot 14, Tingkat 2, Darul TakafulLazenda Commercial CentreJalan Okk Abdullah87007 Wilayah Persekutuan LabuanTel : 087-424 860 Fax : 087-418 418

SYARIKAT-SYARIKAT SUBSIDIARI

1. Asean Retakaful International (L) Ltd. (LL01129)Level 14, Blok 4Financial Park ComplexJalan Merdeka87000 Wilayah PersekutuanLabuanTel : 087-451 301 : 087-451 302 : 087-451 303Fax : 087-451 300

2. P.T. Syarikat Takaful IndonesiaGraha A, Graha Takaful IndonesiaJalan Mampang Prapatan RayaNo. 100, Jakarta12790 IndonesiaTel : 6221-799 1234 : 6221-799 2345 Fax : 6221-7919 8877

3. P.T. Asuransi Takaful Keluarga Graha B, Graha Takaful IndonesiaJalan Mampang Prapatan RayaNo. 100, Jakarta12790 IndonesiaTel : 6221-799 1234 : 6221-799 2345Fax : 6221-790 1435

4. P.T. Asuransi Takaful UmumGraha A, Graha Takaful IndonesiaJalan Mampang Prapatan RayaNo. 100, Jakarta12790 IndonesiaTel : 6221-799 1234 : 6221-799 2345Fax : 6221-790 1944



Saya / Kami / I / We ……………………………………………………………………………………………………………………….........................………………sebagai Ahli / Ahli – Ahli Syarikat yang dinyatakan di atas dengan ini melantik being a Member / Members of the abovenamed Company, hereby appoint………………………………………..……………………………………………………………….…………......................................................………................dari / of ………………………………………..……………………………………………………………….…………......................................................………...atau / Pengerusi Mesyuarat jika beliau tidak dapat hadir / or the Chairman of the Meeting failing him.………………..............………………………..………dari / of ………………………………….………………………………………………………..……………………………….........................................................sebagai proksi saya / kami untuk mengundi bagi pihak saya / kami di MESYUARAT AGUNG TAHUNAN SYARIKAT TAKAFUL MALAYSIA BERHAD yang KEDUA PULUH EMPAT yang akan diadakan pada hari Khamis, 12 November 2009 jam 9:30 pagi dan pada sebarang penangguhannya. as my / our proxy to vote for me / us on my / our behalf at the TWENTY FOURTH ANNUAL GENERAL MEETING OF SYARIKAT TAKAFUL MALAYSIA BERHAD, to be held on Thursday, 12 November 2009 at 9:30 a.m. and at any adjournment thereof.

Sila tandakan “X” di dalam ruang yang disediakan di bawah bagaimana anda ingin mengundi untuk resolusi-resolusi berikut. Sekiranya tiada arahan-arahan tertentu, proksi anda akan mengundi atau tidak mengundi sepertimana yang dia anggap patut. Jika anda melantik dua proksi, sila nyatakan bahagian pegangan untuk diwakilkan kepada setiap proksi.Please indicate an “X” in the space provided below, how you wish your vote to be cast in respect of the following resolutions. In the absence of specific directions, your proxy may vote or abstain at his/her discretion. If you appoint two proxies, please specify the proportions of holdings to be represented by each proxy.

Wakil saya / kami akan mengundi seperti berikut / My / Our proxy is to vote as indicated hereunder:

NO. RESOLUSI / RESOlUTION MENYOKONG/ MENENTANG/ FOR AGAINST

1 Menerima dan menimbang Penyata-Penyata Kewangan yang telah diaudit bagi tahun kewangan berakhir 30 Jun 2009, beserta laporan Pengarah dan Juruaudit berkaitan dengannya. To receive and adopt the Audited Financial Statements for the financial year ended 30 June 2009, together with the reports of the Directors and Auditors thereon.

2 Untuk meluluskan dividen akhir bagi tahun kewangan berakhir 30 Jun 2009. To approve the final dividend in respect of the financial year ended 30 June 2009.

Melantik semula Pengarah-Pengarah berikut:- To re-elect the following Directors:-

3 Y.A.M. Tengku Azman Ibni Almarhum Sultan Abu Bakar

4 Puan Rozaida bt.Omar

5 Untuk meluluskan bayaran yuran Pengarah-Pengarah. To approve the payment of the Directors’ fees.

6 Untuk meluluskan bayaran yuran Ahli-Ahli Badan Penasihat Syariah. To approve the payment of the Shariah Advisory Body Members’ fees.

7 Untuk melantik semula Juruaudit dan memberi kuasa kepada Pengarah-Pengarah untuk menetapkan bayaran Juruaudit. To re-appoint Auditors and authorise the Directors to fix their remuneration.

8 Cadangan Pembaharuan Mandat Pemegang Saham bagi Urusniaga Berulang Pihak Berkaitan. Proposed Renewal of Shareholder’ Mandate for Recurrent Related Party Transactions.

JUMLAH SAHAMNO. OF SHARES

Pada / Dated this …… haribulan / day of …. 2009

Tandatangan/ Cop Mohor Pemegang SahamSignature/ Common Seal of Shareholders

Borang Proksi/Proxy Form

Nota-Nota:(i) Seorang ahli Syarikat yang berhak hadir dan mengundi dalam mesyuarat, berhak melantik seorang atau beberapa orang proksi untuk hadir dan

mengundi bagi pihaknya dan haruslah menyatakan bahagian pegangan sahamnya yang diwakili oleh setiap proksi dan seorang proksi tidak semestinya ahli Syarikat.

(ii) Suratcara pelantikan proksi mestilah dibuat secara bertulis dan ditandatangani oleh pihak yang melantik atau wakilnya yang diberi kuasa secara bertulis atau jika pihak yang melantik itu sebuah perbadanan, ianya hendaklah dibuat samada di bawah meteri atau ditandatangani oleh pegawai atau wakil yang diberi kuasa.

(iii) Semua borang proksi hendaklah dihantar kepada Pejabat Berdaftar Syarikat, di Tingkat 26, Blok Annex, Dataran Kewangan Darul Takaful, No.4 Jalan Sultan Sulaiman, 50000 Kuala Lumpur tidak lewat dari empat puluh lapan (48) jam sebelum waktu yang ditetapkan bagi mengadakan mesyuarat atau sebarang penangguhannya.

(iv) Kecuali arahan mengundi dinyatakan dalam ruang yang disediakan di atas, seorang proksi boleh mengundi sebagaimana yang ia fikirkan sesuai.

Notes:(i) A member of the Company entitled to attend and vote at the meeting may appoint a proxy or proxies to attend and vote instead of him and shall

specify the proportions of his holdings to be represented by each proxy and a proxy need not be a member of the Company.(ii) The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised in writing or if the appointer is

a corporation, either under seal or under the hand of an officer or attorney duly authorised.(iii) All proxy forms should be deposited at the Registered Office of the Company at Tingkat 26, Blok Annex, Dataran Kewangan Darul Takaful, No. 4,

Jalan Sultan Sulaiman, 50000 Kuala Lumpur not less than forty-eight (48) hours before the time for holding the meeting or any adjournment thereof.(iv) Unless voting instructions are indicated in the spaces provided above, the proxy may vote as he/she thinks.

Setiausaha Syarikat / The Company Secretary SYARIKAT TAKAFUL MALAYSIA BERHAD Tingkat 26, Blok Annex Dataran Kewangan Darul Takaful No. 4, Jalan Sultan Sulaiman 50000 Kuala Lumpur

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