Rasional Kulit Cover Rationale Perlindungan, Jaminan dan Persediaan menjadi asas perkhidmatan Takaful Malaysia. Kami menyediakan perlindungan daripada sebarang keadaan di luar jangkaan. Kami menawarkan jaminan untuk keadaan yang tidak boleh diramalkan. Kami mempersiapkan para pelanggan kami menghadapi keadaan tidak menentu yang menggugat ketenteraman hidup mereka. Kulit laporan tahunan ini menggambarkan nadi kepada perkhidmatan yang kami sediakan. Payung merupakan simbol Perlindungan, Jaminan dan Persediaan. Teduhan payung menggambarkan perlindungan dan perkhidmatan yang diberi oleh Takaful Malaysia kepada para pelanggan. Tetulang yang mengikat dan mengukuhkan kanopi payung tersebut melambangkan usaha berterusan Takaful Malaysia menyediakan pelbagai produk bagi memastikan manfaat yang maksimum. Kekukuhan tangkai payung tersebut mencerminkan kekuatan fundamental Takaful Malaysia untuk kekal berdaya tahan mengharungi detik-detik mencabar. Kestabilan yang disediakannya, membantu ke arah pertumbuhan. Konsep ini mencerminkan ketenteraman minda yang diperjuangkan oleh Takaful Malaysia untuk para pelanggannya.
Protection, Security and Preparedness - these are the fundamentals of Takaful Malaysia’s services. We set the stage for protection from the unexpected. We provide security for unforeseen circumstances. We prepare our customers from uncertainties that hinder their freedom of life. This year’s cover reflects the essence of the services that we provide. The umbrella is symbolic of Protection, Security and Preparedness. The span of the umbrella’s canopy represents the customers that Takaful Malaysia protects and serves. The ribs that bind and secure the canopy together symbolises Takaful Malaysia’s continuing efforts to provide diversity in product range to ensure maximum benefits. The firmness of the umbrella’s shaft represents the strength of Takaful Malaysia’s fundamentals in remaining resilient through challenging times. The stability that it offers, ensures progress. This concept reflects the peace of mind that Takaful Malaysia upholds to its customers.
Isi Kandungan Contents 2
4-7
8
Visi & Misi Vision & Mission
Notis Mesyuarat Agung Tahunan Notice of Annual General Meeting
Penyata Mengiringi Notis Mesyuarat Agung Tahunan Kedua Puluh Tiga Statement Accompanying Notice of Twenty Third Annual General Meeting
9
10-11
12-14
Struktur Korporat Corporate Structure
Ringkasan Kewangan Lima Tahun Five Years Financial Highlights
Maklumat Korporat Corporate Information
16-22
24-27
28-29
Profil Lembaga Pengarah Board of Directors’ Profile
Profil Badan Penasihat Syariah Shariah Advisory Body’s Profile
Jawatankuasa Pengurusan Management Committee
30-38
39-47
48-52
Laporan Jawatankuasa Audit Audit Committee Report
Penyata Urus Tadbir Korporat Corporate Governance Statement
Maklumat Pematuhan Tambahan Additional Compliance Information
53-56
58-71
73-159
Penyata Kawalan Dalaman Statement on Internal Control
Penyata Pengerusi Chairman’s Statement
Penyata Kewangan Financial Statements
160-166
167-170
171-178
Maklumat Hartanah Particulars of Properties
Statistik Pegangan Saham Shareholdings Statistics
Rangkaian Cawangan Branch Network
Borang Proksi Proxy Form
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
VISI & MISI VISION & MISSION
Menjadikan kami pilihan utama insurans Matlamat kami adalah untuk menjangkau harapan pelanggan melalui: • Operasi Cemerlang • Kebolehan Dalam Daya Saing Teknologi • Inovasi Produk • Budaya Kerja Berorientasikan Prestasi Ketika menyampaikan kehendak utama pemegang saham
We want to be the preferred choice for insurance We aim to exceed customer expectations through: • Operational Excellence • Technology Driven Capabilities • Product Innovation • Performance Oriented Culture Whilst delivering superior shareholders’ value
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Achieving new heights
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notis Mesyuarat Agung Tahunan Notice of Annual General Meeting
DENGAN INI DIMAKLUMKAN bahawa MESYUARAT AGUNG TAHUNAN SYARIKAT TAKAFUL MALAYSIA BERHAD YANG KEDUA PULUH TIGA 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 Rabu, 10 Disember 2008, jam 9:30 pagi bagi tujuan-tujuan berikut:
NOTICE IS HEREBY GIVEN that the TWENTY THIRD 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 Wednesday, 10 December 2008, at 9:30 a.m. for the following purposes:
1. Untuk menerima dan menimbang Penyata-penyata Kewangan Beraudit bagi tahun kewangan berakhir 30 Jun 2008, berserta laporan Pengarah dan Juruaudit berkaitan dengannya. (Resolusi 1)
1. To receive and adopt the Audited Financial Statements for the financial year ended 30 June 2008, together with the reports of the Directors and Auditors thereon. (Resolution 1)
2. Untuk meluluskan dividen akhir sebanyak 3.5% ditolak 26% cukai bagi tahun kewangan berakhir 30 Jun 2008. (Resolusi 2) 3. Untuk melantik semula Pengarah-pengarah berikut yang bersara menurut Tataurusan Persatuan Syarikat:
2. To approve a final dividend of 3.5% less 26% tax in respect of the financial year ended 30 June 2008. (Resolution 2) 3. To re-elect the following Directors, each of whom retires pursuant to the Company’s Articles of Association: Article 62
Artikel 62 3.1 Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil (Resolusi 3) 3.2 Y. Bhg. Tan Sri Dr. Hadenan b. A. Jalil (Resolusi 4) Artikel 66A 3.3 Y. Bhg. Dato’ Sulaiman b. Mohd Yusof 3.4 Encik Johan b. Abdullah
(Resolusi 5) (Resolusi 6)
4. Untuk meluluskan bayaran yuran Pengarah-pengarah bagi tahun kewangan berakhir 30 Jun 2008. (Resolusi 7) 5. Untuk meluluskan bayaran yuran Ahli-ahli Badan Penasihat Syariah bagi tahun kewangan berakhir 30 Jun 2008. (Resolusi 8) 6. Untuk melantik semula Tetuan KPMG Desa Megat & Co. sebagai Juruaudit Syarikat dan memberi kuasa kepada Pengarah-pengarah untuk menetapkan bayaran Juruaudit. (Resolusi 9)
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
3.1 Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil (Resolution 3) 3.2 Y. Bhg. Tan Sri Dr. Hadenan b. A. Jalil (Resolution 4) Article 66A 3.3 Y. Bhg. Dato’ Sulaiman b. Mohd Yusof (Resolution 5) 3.4 Encik Johan b. Abdullah
(Resolution 6)
4. To approve the payment of the Directors’ fees for the financial year ended 30 June 2008. (Resolution 7) 5. To approve the payment of Shariah Advisory Body Members’ fees for the financial year ended 30 June 2008. (Resolution 8) 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 9)
Notis Mesyuarat Agung Tahunan Notice of Annual General Meeting
7. Sebagai Urusan Khas - Resolusi Biasa
“BAHAWA tertakluk kepada Akta Syarikat 1965, Tataurusan Persatuan Syarikat dan kelulusan dari Bursa Malaysia Securities Berhad dan lain-lain badan kerajaan dan/atau berkanun, yang mana kelulusan diperlukan, Lembaga Pengarah diberikan kuasa mengikut Seksyen 132D Akta Syarikat 1965, untuk mengagihkan dan menerbitkan saham Syarikat dari masa ke semasa sebagaimana tatacara yang ditetapkan dan untuk tujuan yang mengikut budi bicara mereka, patut, dengan syarat jumlah terkumpul saham yang diterbitkan melalui resolusi ini tidak melebihi sepuluh peratus (10%) modal terbitan semasa Syarikat dan kebenaran ini adalah berkuatkuasa sehingga berakhirnya Mesyuarat Agung Tahunan yang akan datang.” (Resolusi 10) 8. 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 subsidiarisubsidiarinya (“Kumpulan BHB”). “BAHAWA, tertakluk kepada pematuhan dengan semua undang-undang, peraturan dan garis panduan yang berkaitan, mandat yang diberikan oleh para pemegang saham Syarikat pada 5 Disember 2007 menurut perenggan 10.09 Keperluan Penyenaraian Bursa Malaysia Securities Berhad, memberi kuasa kepada Syarikat dan subsidiarisubsidiarinya (“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 18 November 2008 (“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
7. As Special Business – Ordinary Resolution “THAT subject always to the Companies Act 1965, the Articles of Association of the Company and approval from the Bursa Malaysia Securities Berhad and any other governmental and/or regulatory bodies, where such approval shall be necessary, the Directors be and hereby authorized pursuant to Section 132D of the Companies Act 1965, to allot and issue shares in the Company from time to time and upon such terms and conditions and such purposes as they may, in the absolute discretion, deem fit provided that the aggregate number of shares to be issued pursuant to this resolution does not exceed ten per cent (10%) of the issued capital for the time being of the Company and that such authority shall continue in force until the conclusion of the next Annual General Meeting of the Company.” (Resolution 10) 8. As Special Business - Ordinary Resolution - Proposed Renewal of Shareholders’ Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature with BIMB Holdings Berhad and its Subsidiaries (“BHB Group”). “THAT, subject to compliance with all applicable laws, regulations and guidelines, the mandate granted by the shareholders of the Company on 5 December 2007 pursuant to paragraph 10.09 of the Listing Requirements of the 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 18 November 2008 (“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
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notis Mesyuarat Agung Tahunan Notice of Annual General Meeting
(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:
(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.
(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;
(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) 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
(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) dibatalkan atau dipinda melalui resolusi yang diluluskan oleh pemegang saham dalam mesyuarat agung;
yang mana lebih awal”.
NOTIS DENGAN INI JUGA DIBERI BAHAWA dividen akhir sebanyak 3.5% tolak 26% cukai bagi tahun kewangan berakhir 30 Jun 2008, akan dibayar pada 9 Januari 2009 kepada para Pendeposit yang berdaftar di dalam Rekod Pendeposit pada penutupan perniagaan, 15 Disember 2008. 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 15 Disember 2008 berhubung pindahan; dan (b) Saham yang dibeli di Bursa Malaysia Securities Berhad pada asas kelayakan menurut Peraturan Bursa Malaysia Securities Berhad.
(c) revoked or varied by resolution passed by the shareholders in a general meeting;
(Resolusi 11)
9. Untuk melaksanakan sebarang urusan yang mana notis sewajarnya telah diberi.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
AND THAT such renewed and granted mandate shall continue to be in force until:
whichever is the earlier”.
(Resolution 11)
9. To transact any other business for which due notice has been given.
NOTICE IS ALSO HEREBY GIVEN THAT a final dividend of 3.5% less 26% tax in respect of the financial year ended 30 June 2008 will be paid on 9 January 2009 to Depositors registered in the Record of Depositors at the close of business on 15 December 2008.
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 15 December 2008 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.
Notis Mesyuarat Agung Tahunan Notice of Annual General Meeting
Atas Arahan Lembaga Pengarah
By Order of the Board
MOHAMAD ASRI HAJI YUSOFF (MIA 14171) Setiausaha Syarikat Kuala Lumpur 18 November 2008
MOHAMAD ASRI HAJI YUSOFF (MIA 14171) Company Secretary Kuala Lumpur 18 November 2008
Nota:
Notes:
1.
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.
(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.
(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) The instrument appointing a proxy must be deposited at the Registered Office of the Company at 26th Floor, Annexe Block, 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.
(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. 2.
Appointment of Proxy
Explanatory Notes to Special Business
Nota Penerangan kepada Urusniaga Khas (i) Kuasa Bagi Menerbitkan Saham di bawah Seksyen 132D Akta Syarikat, 1965. Cadangan Resolusi No. 10, sekiranya diluluskan, akan memberikan kuasa kepada Lembaga Pengarah untuk mengagihkan dan menerbitkan saham tidak melebihi sepuluh peratus (10%) modal terbitan semasa Syarikat untuk tujuan yang mengikut pertimbangan Lembaga Pengarah adalah untuk kepentingan Syarikat. Kecuali dibatalkan atau diubah oleh Syarikat di dalam mesyuarat agung, kuasa ini akan tamat tempohnya pada Mesyuarat Agung Tahunan Syarikat yang akan datang. (ii) Cadangan Pembaharuan Mandat Pemegang Saham bagi Urusniaga Pihak Berkaitan yang Berulang Berbentuk Hasil atau Perdagangan. Cadangan Resolusi No. 11, 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.
(i) Authority to Issue Shares Pursuant to Section 132D of the Companies, Act 1965. The proposed Resolution No.10, if passed, will authorize the Directors of the Company to allot and issue shares up to ten per cent (10%) of the issued capital of the Company for the time being for such purposes as the Directors consider would be in the interest of the Company. This authority unless revoked or varied by the Company in general meeting will expire at the next Annual General Meeting of the Company. (ii) Proposed Renewal of Shareholders’ Mandate for Recurrent Related Party Transaction of a Revenue or Trading Nature. The proposed Resolution No. 11, if passed, will empower the Company to conduct recurrent related party transactions of a revenue or trading in nature which are necessary for Takaful Malaysia Group’s day to day operations and will eliminate the need to convene separate general meetings from time to time to seek shareholders’ approval.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Penyata Mengiringi Notis Mesyuarat Agung Tahunan Kedua Puluh Tiga mengikut Perenggan 8.28(2) Keperluan Penyenaraian Bursa Malaysia
Maklumat para Pengarah yang bersedia untuk pemilihan semula atau pelantikan semula dalam Agenda 3 Notis Mesyuarat Agung Tahunan Kedua Puluh Tiga dibentangkan dalam profil masing-masing dalam bahagian Profil Pengarah di muka surat 16, 17, 21 dan 22 dalam Laporan Tahunan ini. Pegangan sekuriti mereka dalam Syarikat dinyatakan dalam Statistik Pegangan Saham di muka surat 167 dalam Laporan Tahunan ini.
Statement Accompanying Notice of Twenty Third Annual General Meeting pursuant to Paragraph 8.28(2) of the Bursa Malaysia’s Listing Requirements
The details of the Directors who are standing for re-election or re-appointment in Agenda 3 of the Notice of the Twenty Third Annual General Meeting are set out in their respective profiles which appear in the Directors’ Profiles on pages 16, 17, 21 and 22 of this Annual Report. Their securities holdings in the Company are set out in the Shareholdings Statistics which appear on page 167 of this Annual Report.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Struktur Korporat Corporate Structure
(63.09%)
Syarikat-Syarikat Subsidiari/ Subsidiary Companies
(99.94%)
(47.08%)
(52.67%)
(56.00%)
P.T. SYARIKAT
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Ringkasan Kewangan Lima Tahun Five Years Financial Highlights
Syarikat/Company Jumlah Kasar Sumbangan Takaful (RM ’000)/Total Gross Takaful Contributions (RM ’000)
2004
2005
2006
2008
2004
2005
Jumlah Aset (RM ’000)/Total Assets (RM ’000)
2004
10
2005
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
2006
2007
3,796,260
3,291,285
2,983,338
2,661,955
2,360,706
Jumlah Aset/Total Assets
2008
2006
2007
193,372
306,620
264,787
255,575 2007
341,874
Takaful Am/General Takaful
529,689
470,205
375,074
357,145
356,560
Takaful Keluarga/Family Takaful
2008
Ringkasan Kewangan Lima Tahun Five Years Financial Highlights
Syarikat/Company Keuntungan Sebelum Cukai (RM ’000)/Profit Before Taxation (RM ’000)
2004
14,361
20,120
32,586
33,993
42,659
Keuntungan/Profit
2005
2006
2007
2008
Kumpulan/group Keuntungan Sebelum Cukai (RM ’000)/Profit Before Taxation (RM ’000)
2004
2005
2006
2007
33,860
21,626
41,006
29,054
21,996
Keuntungan/Profit
2008
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
11
Maklumat Korporat Corporate Information
LEMBAGA PENGARAH/BOARD OF DIRECTORS
Setiausaha/Secretary Encik Mohamad Asri b. Hj. Yusoff (MIA 14171)
Pengerusi/Chairman Y. Bhg. Tan Sri Dr. Hadenan b. A. Jalil Pengarah Bukan Eksekutif Bukan Bebas/ Non-Independent Non-Executive Director
BADAN PENASIHAT SYARIAH/ SHARIAH ADVISORY BODY
Ahli-ahli/Members
Pengerusi/Chairman
Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil Pengarah Urusan Kumpulan/ Group Managing Director
Y. Bhg. Prof. Madya Dr. Ahmad Shahbari @ Sobri b. Salamon
Y. A. M. Tengku Dato’ Sri Azman Ibni Almarhum Sultan Abu Bakar Pengarah Bukan Eksekutif Bebas/ Independent Non-Executive Director
Y. Bhg. Datuk Abdul Hamid b. Said
Puan Rozaida bt. Omar Pengarah Bukan Eksekutif Bukan Bebas/ Non-Independent Non-Executive Director
Y. Bhg. Dr. Aida bt. Othman (Dilantik pada 6 Mac 2008/Appointed on 6 March 2008)
Encik Mahadzir b. Azizan Pengarah Bukan Eksekutif Bebas/ Independent Non-Executive Director Y. Bhg. Dato’ Sulaiman b. Mohd Yusof Pengarah Bukan Eksekutif Bebas/ Independent Non-Executive Director (Dilantik pada 1 Januari 2008/ Appointed on 1 January 2008) Encik Johan b. Abdullah Pengarah Bukan Eksekutif Bukan Bebas/ Non-Independent Non-Executive Director (Dilantik pada 15 Ogos 2008/ Appointed on 15 August 2008) Y. DH. Dato’ Sri Wan Abdul Wahid b. Wan Hassan Pengarah Bukan Eksekutif Bebas/ Independent Non-Executive Director (Bersara pada 25 November 2007/ Retired on 25 November 2007) Y. Bhg. Dato’ Alwi b. Muhamad Pengarah Bukan Eksekutif Bebas/ Independent Non-Executive Director (Bersara pada 30 November 2007/ Retired on 30 November 2007) Y. Bhg. Dato’ Noorazman b. A. Aziz Pengarah Bukan Eksekutif Bukan Bebas/ Non-Independent Non-Executive Director (Meletak jawatan pada 1 Januari 2008/ Resigned on 1 January 2008)
12
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Ahli-ahli/Members
Y. Bhg. Ustaz Mohd. Bakir b. Hj. Mansor
Y. Bhg. Prof. Madya Dr. Ashraf b. Md. Hashim (Meletak jawatan pada 1 Julai 2008/Resigned on 1 July 2008) Setiausaha/Secretary Encik Wan Jemizan b. Wan Deraman (Meletak jawatan pada 20 April 2008/Resigned on 20 April 2008) Encik Mohamad Asri b. Hj. Yusoff
JAWATANKUASA AUDIT/AUDIT COMMITTEE Y. A. M. Tengku Dato’ Sri Azman Ibni Almarhum Sultan Abu Bakar Pengerusi/Chairman Puan Rozaida bt. Omar Y. Bhg. Dato’ Sulaiman b. Mohd Yusof (Dilantik pada 1 Januari 2008/Appointed on 1 January 2008) Y. DH. Dato’ Sri Wan Abdul Wahid b. Wan Hassan (Bersara pada 25 November 2007/Retired on 25 November 2007) Y. Bhg. Dato’ Alwi b. Muhamad (Bersara pada 30 November 2007/Retired on 30 November 2007) Y. Bhg. Dato’ Noorazman b. A. Aziz (Meletak jawatan pada 1 Januari 2008/Resigned on 1 January 2008)
Maklumat Korporat Corporate Information
JAWATANKUASA PEMILIHAN/ NOMINATION COMMITTEE
JAWATANKUASA PENGURUSAN RISIKO/ RISK MANAGEMENT COMMITTEE
Encik Mahadzir b. Azizan Pengerusi/Chairman
Encik Mahadzir b. Azizan Pengerusi/Chairman
Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil
Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil
Puan Rozaida bt. Omar
Puan Rozaida bt. Omar
Y. Bhg. Dato’ Sulaiman b. Mohd Yusof (Dilantik pada 1 Januari 2008/Appointed on 1 January 2008)
Y. Bhg. Dato’ Sulaiman b. Mohd Yusof (Dilantik pada 1 Mac 2008/Appointed on 1 March 2008)
Y. DH. Dato’ Sri Wan Abdul Wahid b. Wan Hassan (Bersara pada 25 November 2007/Retired on 25 November 2007)
Y. Bhg. Dato’ Noorazman b. A. Aziz (Meletak jawatan pada 1 Januari 2008/Resigned on 1 January 2008)
Y. Bhg. Dato’ Alwi b. Muhamad (Bersara pada 30 November 2007/Retired on 30 November 2007)
JAWATANKUASA ESOS/ESOS COMMITTEE
Encik Johan b. Abdullah (Dilantik pada 15 Ogos 2008/Appointed on 15 August 2008)
Encik Mahadzir b. Azizan Pengerusi/Chairman Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil
JAWATANKUASA GANJARAN/ REMUNERATION COMMITTEE Encik Mahadzir b. Azizan Pengerusi/Chairman Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil Y. A. M. Tengku Dato’ Sri Azman Ibni Almarhum Sultan Abu Bakar
Y. A.M. Tengku Dato’ Sri Azman Ibni Almarhum Sultan Abu Bakar
PENGURUSAN/MANAGEMENT Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil Pengarah Urusan Kumpulan/Group Managing Director
Y. Bhg. Dato’ Sulaiman b. Mohd Yusof (Dilantik pada 1 Februari 2008/Appointed on 1 February 2008)
Encik Muhammad Anjar b. Kuncoro Ketua Pegawai Informasi/Chief Information Officer
Y. Bhg. Dato’ Noorazman b. A. Aziz (Meletak jawatan pada 1 Januari 2008/Resigned on 1 January 2008)
Puan Azian bt. Kassim Ketua Pegawai Pelaburan/Chief Investment Officer Encik Nazrul Hisham b. Abdul Hamid Ketua Pegawai Audit Dalaman/Chief Internal Auditor Encik Abdul Khalid b. Salleh Pengurus Besar, Jualan & Pemasaran/Bancatakaful/ General Manager, Sales & Marketing/Bancatakaful
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
13
Maklumat Korporat Corporate Information
Puan Balilah bt. Hassan Pengurus Besar, Sumber Manusia/General Manager, Human Resource Puan Fauziah bt. Md. Hasan Penolong Pengurus Besar, Kewangan/Assistant General Manager, Finance
KETUA PEGAWAI EKSEKUTIF BAGI SYARIKAT SUBSIDIARI/ CHIEF EXECUTIVE OFFICER OF SUBSIDIARY COMPANIES Encik Izzuddin b. Tajudin Ketua Pegawai Eksekutif, Asean Retakaful International (L) Ltd/ Chief Executive Officer, Asean Retakaful International (L) Ltd
PENDAFTAR/REGISTRAR Symphony Share Registrars Sdn Bhd (378993-D) Level 26, Menara Multi-Purpose Capital Square No. 8, Jalan Munshi Abdullah 50100 Kuala Lumpur Tel : 603-2721 2222 Fax : 603-2721 2530 Website : www.symphony.com.my
TEMPAT DITUBUHKAN DAN DOMISIL/ PLACE OF INCORPORATION AND DOMICILE Malaysia
Encik Saiful Yazan b. Ahmad Direktur Utama, P. T. Syarikat Takaful Indonesia/ President Director, P. T. Syarikat Takaful Indonesia
JURUAUDIT/AUDITORS KPMG Desa Megat & Co. (AF0759) Chartered Accountants Level 10, KPMG Tower 8, First Avenue Bandar Utama 47800 Petaling Jaya Selangor Darul Ehsan Tel : 603-7721 3388 Fax : 603-7721 3399
PEJABAT BERDAFTAR/REGISTERED OFFICE Tingkat 26, Blok Annex Dataran Kewangan Darul Takaful No. 4, Jalan Sultan Sulaiman 50000 Kuala Lumpur Tel : 603-2268 1984 Fax : 603-2274 2864 Email :
[email protected] Website : www.takaful-malaysia.com
14
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
PENYENARAIAN BURSA/BURSA LISTING Papan Utama/Main Board Bursa Malaysia Securities Berhad
Fundamental Strength, Continual Resilience
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
15
Profil Lembaga Pengarah Board of Directors’ Profile Y. BHG. TAN SRI DR. HADENAN B. A. JALIL Pengerusi Bukan Eksekutif Bukan Bebas/ Non-Independent Non-Executive Chairman
Y. Bhg. Tan Sri Dr. Hadenan b. A. Jalil, berusia 62 tahun, adalah warganegara Malaysia dan merupakan Pengerusi Bukan Eksekutif Bukan Bebas Takaful Malaysia dan telah dilantik pada 1 Oktober 2006.
Y. Bhg. Tan Sri Dr. Hadenan b. A. Jalil, aged 62, is a Malaysian citizen and the Non-Independent Non-Executive Chairman of Takaful Malaysia and was appointed to the Board on 1 October 2006.
Beliau memperolehi Ijazah Sarjana Muda Ekonomi (Kepujian) dari Universiti Malaya pada tahun 1970 dan kemudian memperolehi Ijazah Sarjana Pengurusan Perniagaan dari Asian Institute of Management, Filipina pada tahun 1975. Pada tahun 1986, beliau memperolehi Doktor Falsafah dari Henley–The Management College, United Kingdom.
He graduated with a Bachelor of Economic (Honours) degree from the University of Malaya in 1970 and then obtained a Master in Business Management from the Asian Institute of Management, Philippines in 1975. In 1986, he obtained a Doctor of Philosophy from Henley–The Management College, United Kingdom.
Beliau memulakan kerjayanya sebagai Penolong Setiausaha, Bahagian Belanjawan di Kementerian Kewangan pada tahun 1970. Beliau kemudian memegang pelbagai jawatan di Kementerian Kewangan seperti Ketua Penolong Setiausaha, Bahagian Cukai; Timbalan Setiausaha, Bahagian Ekonomi; Timbalan Setiausaha, Bahagian Kewangan dan Setiausaha, Bahagian Kewangan sehingga tahun 1998. Beliau kemudian berkhidmat di Kementerian Perdagangan Antarabangsa dan Industri sebagai Timbalan Ketua Setiausaha (Perdagangan) dari tahun 1998 hingga 1999, Kementerian Kerja Raya sebagai Ketua Setiausaha dari tahun 1999 hingga 2000 dan sebagai Ketua Audit Negara di Jabatan Audit Negara sehingga persaraan beliau pada tahun 2006.
He started his career as an Assistant Secretary, Budget Division at the Ministry of Finance in 1970. He then assumed various positions at the Ministry of Finance such as Principal Assistant Secretary, Tax Division; Deputy Secretary, Economic Division; Deputy Secretary, Finance Division and Secretary, Finance Division until 1998. He then served at the Ministry of International Trade and Industry as Deputy Secretary General (Trade) from 1998 to 1999, Secretary General at the Ministry of Works from 1999 to 2000 and as the Auditor General at the National Audit Department until his retirement in 2006.
Beliau kini adalah Pengerusi Lembaga Pengarah ICB Islamic Bank, Dhaka, Bangladesh; ahli Lembaga Pengarah dan Pengerusi Jawatankuasa Audit Island and Peninsular Berhad; ahli Lembaga Pengarah Unilever (Malaysia) Holdings Sdn Bhd dan Penasihat Perniagaan Kumpulan, Sinar Jernih Sdn Bhd. 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 apaapa kesalahan dalam tempoh sepuluh (10) tahun yang lalu dan telah menghadiri lapan (8) mesyuarat Lembaga Pengarah semasa tahun kewangan berakhir 30 Jun 2008.
16
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
He is also presently the Chairman of ICB Islamic Bank, Dhaka, Bangladesh; Board member and Chairman of Audit Committee of Island and Peninsular Berhad; Board member of Unilever (Malaysia) Holdings Sdn Bhd and Group Business Advisor, Sinar Jernih Sdn Bhd. 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 attended eight (8) Board of Directors’ meeting during the financial year ended 30 June 2008.
Profil Lembaga Pengarah Board of Directors’ Profile
Y. BHG. DATO’ MOHAMED HASSAN B. MD. KAMIL Pengarah Urusan Kumpulan/ Group Managing Director
Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil, berusia 45 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, Jawatankuasa Pengurusan Risiko dan Jawatankuasa ESOS. Beliau juga merupakan Pengerusi Lembaga Komisaris P.T. Asuransi Takaful Umum dan P.T. Asuransi Takaful Keluarga, ahli Lembaga Komisaris P.T. Syarikat Takaful Indonesia dan Pengarah Institut Perbankan dan Kewangan Islam Malaysia Sdn Bhd (IBFIM).
Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil, aged 45, is a Malaysian citizen and was appointed to the Board of Syarikat Takaful Malaysia Berhad on 1 September 2006 as a NonIndependent 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, Risk Management Committee and ESOS Committee. He is also the Chairman of the Board of Commissioners of P.T. Asuransi Takaful Umum and P.T. Asuransi Takaful Keluarga, a member of the Board of Commissioners of P.T. Syarikat Takaful Indonesia and Director of Islamic Banking and Finance Institute Malaysia Sdn Bhd (IBFIM).
Beliau merupakan graduan Sarjana Muda Sains dalam bidang Sains Aktuari dan Sarjana Pentadbiran Perniagaan dari University of Iowa, USA. Beliau juga adalah Fellow of the Society of Actuaries, USA, ahli American Academy of Actuaries dan Chartered Life Underwriter.
He graduated with a Bachelor of Science degree in Actuarial Science and Master in Business Administration from the University of Iowa, USA. He is a Fellow of the Society of Actuaries, USA, a member of the American Academy of Actuaries and a Chartered Life Underwriter.
Beliau telah bekerja di Amerika Syarikat sebagai Aktuari dari tahun 1987 hingga 1994 sebelum pulang ke Malaysia sebagai Timbalan Pengurus Besar di Malaysia National Insurance. Pada tahun 1996, beliau menyertai ING Insurance Berhad (sebelum ini dikenali sebagai Aetna Universal Insurance) sebagai Naib Presiden Kanan dan Ketua Aktuari. Pada tahun 2004, beliau menjadi Timbalan Pengurus Besar bagi P.T. AIA Indonesia. Beliau merupakan Pengarah Eksekutif BIMB Holdings Berhad mulai April 2006 hingga Mac 2007.
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.
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 apaapa kesalahan dalam tempoh sepuluh (10) tahun yang lalu dan telah menghadiri sembilan (9) mesyuarat Lembaga Pengarah semasa tahun kewangan berakhir 30 Jun 2008.
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 attended nine (9) Board of Directors’ meeting during the financial year ended 30 June 2008.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
17
Profil Lembaga Pengarah Board of Directors’ Profile
Y. A. M. TENGKU Dato’ SRI AZMAN IBNI ALMARHUM SULTAN ABU BAKAR Pengarah Bukan Eksekutif Bebas/ Independent Non-Executive Director
Y. A. M. Tengku Dato’ Sri Azman Ibni Almarhum Sultan Abu Bakar, berusia 56 tahun adalah warganegara Malaysia dan telah dilantik sebagai Pengarah Bukan Eksekutif Bebas Takaful Malaysia pada 15 Mei 2007. Beliau juga adalah Pengerusi Jawatankuasa Audit dan ahli Jawatankuasa Ganjaran dan Jawatankuasa ESOS. Beliau juga merupakan ahli Lembaga Komisaris P.T. Syarikat Takaful Indonesia.
Y. A. M. Tengku Dato’ Sri Azman Ibni Almarhum Sultan Abu Bakar, aged 56, 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 Audit Committee and a member of Remuneration Committee and ESOS Committee. He is also a member of the Board of Commissioners of P.T. Syarikat Takaful Indonesia.
Y. A. M. Tengku Dato’ Sri 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 Dato’ Sri Azman meneruskan kerjayanya dengan memegang jawatan pengurusan dalam beberapa syarikat swasta yang lain. Dalam tempoh dari tahun 1985 hingga 2001, Y.A.M. Tengku Dato’ Sri 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 Dato’ Sri 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 Dato’ Sri 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 Dato’ Sri 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 Dato’ Sri 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 Dato’ Sri 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 Dato’ Sri 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 lapan (8) mesyuarat Lembaga Pengarah semasa tahun kewangan berakhir 30 Jun 2008.
18
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Y. A. M. Tengku Dato’ Sri 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 eight (8) Board of Directors’ meeting during the financial year ended 30 June 2008.
Profil Lembaga Pengarah Board of Directors’ Profile
PUAN ROZAIDA BT. OMAR Pengarah Bukan Eksekutif Bukan Bebas/ Non-Independent Non-Executive Director
Puan Rozaida bt. Omar, berusia 45 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.
Puan Rozaida bt. Omar, aged 45, 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.
Beliau adalah Akauntan Bertauliah (M) dan merupakan ahli Association of Chartered Certified Accountants (ACCA) United Kingdom sejak tahun 1986.
She is a Chartered Accountant (M) and a member of the Association of Chartered Certified Accountants (ACCA) United Kingdom since 1986.
Beliau memulakan kerjayanya sebagai Akauntan Kewangan di FELDA pada tahun 1986. Pada tahun 1990, beliau menjadi Pengurus Kredit di Citibank Berhad sehingga tahun 1991. Beliau kemudiannya menyertai Guthrie Trading Sdn Bhd pada tahun 1992 sebagai Pengurus Kewangan sehingga tahun 1993. Selepas itu, beliau menjadi Pengarah Kewangan di Glaxo SmithKline Consumer Healthcare Sdn Bhd dari tahun 1994 sehingga tahun 2003. Kini beliau adalah Pengurus Besar Kanan (Kewangan) di Lembaga Tabung Haji sejak tahun 2004. Beliau juga merupakan Pengarah TH Properties Sdn Bhd.
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.
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 apaapa kesalahan dalam tempoh sepuluh (10) tahun yang lalu dan telah menghadiri lapan (8) mesyuarat Lembaga Pengarah semasa tahun kewangan berakhir 30 Jun 2008.
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 attended eight (8) Board of Directors’ meeting during the financial year ended 30 June 2008.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
19
Profil Lembaga Pengarah Board of Directors’ Profile
ENCIK MAHADZIR B. AZIZAN Pengarah Bukan Eksekutif Bebas/ Independent Non-Executive Director
Encik Mahadzir b. Azizan, berusia 59 tahun, adalah warganegara Malaysia dan telah dilantik sebagai Pengarah Bukan Eksekutif Bebas Takaful Malaysia pada 1 September 2007. Beliau juga merupakan Pengerusi Jawatankuasa Ganjaran, Jawatankuasa Pengurusan Risiko, Jawatankuasa Pemilihan dan Jawatankuasa ESOS.
Encik Mahadzir b. Azizan, aged 59, 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 Remuneration Committee, Risk Management Committee, Nomination Committee and ESOS Committee.
Beliau memperolehi kelulusan Barrister-At-Law dari Lincoln’s Inn, London, United Kingdom dan diterima masuk ke English Bar pada tahun 1978.
He is a Barrister-At-Law from Lincoln’s Inn, London, United Kingdom and was called to the English Bar in 1978.
Beliau telah memegang pelbagai jawatan penting di dalam sektor awam dan swasta. Selepas tamat pengajian, beliau telah menyertai perkhidmatan Perundangan dan Kehakiman Kerajaan Malaysia sebagai Timbalan Pendakwaraya Awam dan Penasihat Undang-Undang. Beliau kemudiannya menyertai sektor swasta dan berkhidmat di Malaysian International Shipping Corporation (“MISC”) dan Island & Peninsular Berhad, syarikat hartanah Permodalan Nasional Berhad (“PNB” ) selama 24 tahun. Semasa di sektor swasta, beliau juga telah berkhidmat sebagai Ahli Majlis MARA, Pengarah bagi syarikat kumpulan Amanah Raya Berhad, Pengarah bagi syarikat kumpulan Tabung Haji dan juga sebagai Pengarah di pelbagai syarikat berkaitan Kerajaan. Kini, beliau merupakan Pengarah ECM Libra Financial Group Berhad dan beberapa syarikat lain. Beliau tidak mempunyai perhubungan kekeluargaan dengan mana-mana pengarah/pemegang saham utama Takaful Malaysia dan tidak mempunyai percanggahan kepentingan dengan Takaful Malaysia. Beliau tidak pernah disabitkan dengan apaapa kesalahan dalam tempoh sepuluh (10) tahun yang lalu dan telah menghadiri tujuh (7) mesyuarat Lembaga Pengarah semasa tahun kewangan berakhir 30 Jun 2008.
20
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
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 Amanah Raya Berhad group of companies, Director of Tabung Haji group of companies 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 seven (7) Board of Directors’ meeting during the financial year ended 30 June 2008.
Profil Lembaga Pengarah Board of Directors’ Profile
Y. Bhg. Dato’ Sulaiman b. Mohd Yusof Pengarah Bukan Eksekutif Bebas / Independent Non-Executive Director
Y. Bhg. Dato’ Sulaiman b. Mohd Yusof, berusia 57 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, Jawatankuasa Ganjaran dan Jawatankuasa Pengurusan Risiko. Beliau juga merupakan Pengerusi Asean Retakaful International (L) Ltd.
Y. Bhg. Dato’ Sulaiman b. Mohd Yusof, aged 57, 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, Remuneration Committee and Risk Management Committee. He is also the Chairman of 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.
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.
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, SulaimanYusof & Co. 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 apaapa kesalahan dalam tempoh sepuluh tahun (10) yang lalu dan telah menghadiri empat (4) mesyuarat Lembaga Pengarah semasa tahun kewangan berakhir 30 Jun 2008.
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, SulaimanYusof & Co. 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 attended four (4) Board of Director’s meeting during the financial year ended 30 June 2008.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
21
Profil Lembaga Pengarah Board of Directors’ Profile
Encik Johan b. Abdullah Pengarah Bukan Eksekutif Bukan Bebas / Non-Independent Non-Executive Director
Encik Johan b. Abdullah, berusia 52 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.
Encik Johan b. Abdullah, aged 52, 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.
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.
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.
Beliau memulakan kerjaya profesionalnya pada tahun 1987 di Kuala Lumpur Stock Exchange (sekarang ini dikenali sebagai Bursa Malaysia Berhad) sebagai Listing Officer. 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 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 apaapa kesalahan dalam tempoh sepuluh tahun (10) yang lalu.
22
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
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 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.
Growing with a vision
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
23
Profil Badan Penasihat Syariah Shariah Advisory Body’s Profile Y. BHG. PROF. MADYA DR. AHMAD SHAHBARI @ SOBRI B. SALAMON
Y. Bhg. Prof. Madya Dr. Ahmad Shahbari @ Sobri b. Salamon berusia 66 tahun, adalah warganegara Malaysia dan merupakan Pengerusi Badan Penasihat Syariah (BPS) Takaful Malaysia dan telah dilantik pada 1 Julai 1985.
Y. Bhg. Prof. Madya Dr. Ahmad Shahbari @ Sobri b. Salamon, aged 66, is a Malaysian citizen and is the Chairman of the Shariah Advisory Body (SAB) of Takaful Malaysia and was appointed on 1 July 1985.
Beliau memperolehi Ijazah Sarjana Muda Sastera dalam Syariah, dari Universiti Al–Azhar, Mesir pada tahun 1970, Sarjana Sastera dalam Pengajian Antarabangsa dari Fairleigh Dickenson Universiti, Amerika Syarikat pada tahun 1973 dan kemudian melanjutkan pengajian di peringkat Ijazah Doktor Falsafah dalam Sejarah di Universiti New York, Amerika Syarikat pada tahun 1979.
He graduated with a Bachelor of Arts degree in Shariah from the University of Al-Azhar, Egypt in 1970, a Master of Arts in International Studies from Fairleigh Dickenson University, USA in 1973 and a Doctor of Philosophy in History from New York University, USA in 1979.
Beliau memulakan kerjayanya pada tahun 1978 sebagai Pensyarah di Jabatan Syariah, Fakulti Pengajian Islam, Universiti Kebangsaan Malaysia (UKM) sebelum dipinjamkan ke Universiti Islam Antarabangsa (UIAM) dari tahun 1983 hingga 1984. Semasa di UKM, beliau telah dilantik sebagai Penyelaras bagi Pendidikan Umum dari tahun 1981 hingga 1982. Pada tahun 1982, beliau berkhidmat sebagai Pemangku Ketua Jabatan Syariah. Beliau juga merupakan Penyelaras Program Diploma dan Sijil Pengajian Islam UKM sehingga tahun 1983. Beliau kembali ke UKM pada tahun 1984 sebagai Pensyarah di Jabatan Syariah sehingga tahun 1985. Kemudian beliau menjadi Pengarah Eksekutif Pusat Rawatan Islam (MAIS) dari tahun 1996 hingga 1999. Kini, beliau merupakan Pengerusi Pusrawi Corporation Sdn Bhd. 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.
24
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
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.
Profil Badan Penasihat Syariah Shariah Advisory Body’s Profile
Y. BHG. DATUK ABDUL HAMID B. SAID
Y. Bhg. Datuk Abdul Hamid b. Said, berusia 70 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.
Y. Bhg. Datuk Abdul Hamid b. Said, aged 70, 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 Counsel 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 the Chairman of Fennek Global Sdn Bhd, Chairman of Isra, Director of IJN College Sdn Bhd and a member of Risk Compliance of Institut Jantung Negara.
Kini beliau memegang jawatan sebagai Pengerusi Fennek Global Sdn Bhd, Pengerusi Isra, ahli Lembaga Pengarah IJN College Sdn Bhd dan ahli Jawatankuasa Pematuhan Risiko Institut Jantung Negara.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
25
Profil Badan Penasihat Syariah Shariah Advisory Body’s Profile
Y. BHG. USTAZ MOHD BAKIR B. HAJI MANSOR
Y. Bhg. Ustaz Mohd Bakir b. Haji Mansor, berusia 72 tahun, adalah seorang rakyat Malaysia dan merupakan ahli 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 Bahagian Pembangunan Sosial, 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 Penolong Ketua 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 kini berkhidmat di Institut Perbankan dan Kewangan Islam Malaysia (IBFIM) sebagai Fellow Research. Beliau juga adalah ahli Majlis Penasihat Syariah Bank Islam Malaysia Berhad. 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.
26
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Y. Bhg. Ustaz Mohd Bakir b. Haji Mansor, aged 72, is a Malaysian citizen and is a member 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 Social Development Department, Ministry of Agriculture from 1978 to 1980; as an Assistant Documentation Director at the Islamic Affairs Division, the Prime Minister’s Department from 1980 to 1981 and as an Assistant Chief 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 is currently a Research Fellow at Islamic Banking and Finance Institute Malaysia (IBFIM). He is also a member of the Shariah Supervisory Council of Bank Islam Malaysia Berhad. 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.
Profil Badan Penasihat Syariah Shariah Advisory Body’s Profile
Y. Bhg. Dr. Aida bt. Othman
Y. Bhg. Dr. Aida bt. Othman berusia 39 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 berkhidmat sebagai peguam dalam kumpulan praktis korporat dan komersial serta perbankan dan kewangan Islam di firma guaman Zaid Ibrahim & Co. sejak 2006 sehingga sekarang.
Y. Bhg. Dr. Aida bt. Othman aged 39, 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 a Master in Law (LL.M) from the Cambridge University, England and in 2005, she obtained a Doctor of Philosophy from the Harvard University, USA. She also obtained 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 lawyer in the corporate and commercial practice group as well as in the Islamic banking and finance at a legal firm, Zaid Ibrahim & Co. since 2006.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
27
Jawatankuasa Pengurusan Management Committee
1
2
4
5
1. Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil Pengarah Urusan Kumpulan/ Group Managing Director
2. Encik Muhammad Anjar b. Kuncoro Ketua Pegawai Informasi/ Chief Information Officer
4. Encik Nazrul Hisham b. Abdul Hamid Ketua Pegawai Audit Dalaman/ Chief Internal Auditor
5. Encik Abdul Khalid b. Salleh Pengurus Besar, Jualan & Pemasaran/ Bancatakaful General Manager, Sales & Marketing/ Bancatakaful
28
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
3
3. Puan Azian bt. Kassim Ketua Pegawai Pelaburan/ Chief Investment Officer
Jawatankuasa Pengurusan Management Committee
6
7
8
9
6. Puan Balilah bt. Hassan Pengurus Besar, Sumber Manusia/ General Manager, Human Resource
7. Puan Fauziah bt. Md. Hasan Penolong Pengurus Besar, Kewangan/Assistant General Manager, Finance
8. Encik Izzuddin b. Tajudin Ketua Pegawai Eksekutif/Chief Executive Officer Asean Retakaful International (L) Ltd
9. Encik Saiful Yazan b. Ahmad Direktur Utama/President Director P.T. Syarikat Takaful Indonesia
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
29
Laporan Jawatankuasa Audit Audit Committee Report
Lembaga Pengarah Syarikat Takaful Malaysia Berhad (“Takaful Malaysia”) dengan berbesar hati membentangkan Laporan Jawatankuasa Audit bagi tahun kewangan yang dikaji.
The Board of Directors of Syarikat Takaful Malaysia Berhad (“Takaful Malaysia”) is pleased to present the Audit Committee Report for the financial year under review.
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.
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
KEAHLIAN DAN MESYUARAT Jawatankuasa terdiri daripada tiga (3) orang ahli, dua (2) daripada mereka adalah Pengarah Bukan Eksekutif Bebas. Maklumat terperinci mengenai ahli dan mesyuarat yang diadakan sepanjang tahun kewangan berakhir 30 Jun 2008 adalah seperti berikut: Nama Ahli Jawatankuasa Audit
Bil. Mesyuarat Diadakan Dihadiri
Y. A. M. Tengku Dato’ Sri Azman Ibni Almarhum Sultan Abu Bakar (Pengerusi) (Pengarah Bukan Eksekutif Bebas)
8
8
Puan Rozaida bt. Omar (Pengarah Bukan Eksekutif Bukan Bebas)
8
7
Y. Bhg. Dato’ Sulaiman b. Mohd Yusof 3* 3 (Pengarah Bukan Eksekutif Bebas) Y. DH. Dato’ Sri Wan Abdul 5* 5 Wahid b. Wan Hassan (Bersara pada 25 November 2007) (Pengarah Bukan Eksekutif Bebas) Y. Bhg. Dato’ Alwi b. Muhamad 5* 4 (Bersara pada 30 November 2007) (Pengarah Bukan Eksekutif Bebas) Y. Bhg. Dato’ Noorazman b. A. Aziz 5* 4 (Meletak jawatan pada 1 Januari 2008) (Pengarah Bukan Eksekutif Bukan Bebas) Nota: *Menunjukkan bilangan mesyuarat yang diadakan sepanjang tempoh Pengarah memegang jawatan sebagai ahli Jawatankuasa Audit.
30
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
The Committee currently comprises three (3) members, two (2) of whom are Independent Non-Executive Directors. The details of members and meetings held during the financial year ended 30 June 2008 are as follows: Name of Audit Committee Members Y. A. M. Tengku Dato’ Sri Azman Ibni Almarhum Sultan Abu Bakar (Chairman) (Independent Non-Executive Director)
No. of Meetings Held Attended
8
8
Puan Rozaida bt. Omar 8 7 (Non-Independent Non-Executive Director) Y. Bhg. Dato’ Sulaiman b. Mohd Yusof 3* 3 (Independent Non-Executive Director) Y. DH. Dato’ Sri Wan Abdul 5* 5 Wahid b. Wan Hassan (Retired on 25 November 2007) (Independent Non-Executive Director) Y. Bhg. Dato’ Alwi b. Muhamad 5* 4 (Retired on 30 November 2007) (Independent Non-Executive Director) Y. Bhg. Dato’ Noorazman b. A. Aziz 5* 4 (Resigned on 1 January 2008) (Non-Independent Non-Executive Director) Note: * Reflects the number of meetings held during the time the Director held office as an Audit Committee member.
Laporan Jawatankuasa Audit Audit Committee Report
Puan Rozaida bt. Omar adalah ahli Institut Akauntan Malaysia (“MIA”). Oleh itu, Takaful Malaysia telah mematuhi Perenggan 15.10 Keperluan Penyenaraian Bursa Malaysia Securities Berhad (“Bursa Malaysia”) yang menggariskan bahawa sekurangkurangnya seorang (1) ahli Jawatankuasa mestilah merupakan ahli MIA.
Puan Rozaida bt. Omar is a member of the Malaysian Institute of Accountants (“MIA”). Thus, Takaful Malaysia complies with Paragraph 15.10 of the Bursa Malaysia Securities Berhad (“Bursa Malaysia”) Listing Requirements which stipulate that at least one (1) member of the Committee must be a member of the MIA.
Jawatankuasa telah bermesyuarat sebanyak lapan (8) kali pada tahun kewangan ini. Mesyuarat tersebut telah disusun dan dijalankan dengan sewajarnya melalui penggunaan agenda yang diedarkan kepada ahli terlebih dahulu dengan notis yang mencukupi.
The Committee met eight (8) times during the financial year. The meetings were appropriately structured and conducted through the use of agenda which were distributed to members with sufficient notification.
Pengarah Urusan Kumpulan, Ketua Pegawai Kewangan/Ketua Bahagian Kewangan dan Ketua Audit Dalaman turut menghadiri mesyuarat tersebut atas jemputan.
The Group Managing Director, the Chief Financial Officer/ Head of Finance Division and the Chief Internal Auditor also attended the meetings upon invitation.
TERMA RUJUKAN
TERM OF REFERENCE
Komposisi Ahli Jawatankuasa hendaklah dilantik oleh Lembaga Pengarah daripada kalangan mereka dan hendaklah terdiri daripada sekurang-kurangnya tiga (3) orang ahli, di mana majoritinya adalah Pengarah Bukan Eksekutif Bebas. Seorang Pengarah Bukan Eksekutif Bebas hendaklah merupakan ahli yang memenuhi keperluan seperti yang diperuntukkan dalam Keperluan Penyenaraian Bursa Malaysia dan garis panduan Bank Negara Malaysia (“BNM”).
Composition The members of the Committee shall be appointed by the Board from amongst their numbers and shall comprise at least three (3) members, the majority of whom shall be Independent NonExecutive Directors. An Independent Non-Executive Director shall be the one who fulfils the requirements as provided in the Bursa Malaysia Listing Requirements and the guidelines of Bank Negara Malaysia (“BNM”).
Sekurang-kurangnya seorang (1) ahli Jawatankuasa: 1) mestilah merupakan ahli MIA; atau 2) jika beliau bukan ahli MIA, beliau mestilah mempunyai pengalaman bekerja sekurang-kurangnya selama tiga (3) tahun dan:(a) beliau mestilah lulus peperiksaan yang dinyatakan dalam Bahagian I Jadual Pertama Akta Akauntan 1967; atau (b) beliau mestilah merupakan ahli salah sebuah persatuan akauntan yang dinyatakan dalam Bahagian II Jadual Pertama Akta Akauntan 1967; atau (c) memenuhi keperluan-keperluan lain yang digariskan oleh Bursa Malaysia.
At least one (1) member of the Committee: 1) must be a member of the MIA; or 2) if he is not a member of the MIA, he must have at least three (3) years’ working experience and: (a) he must have passed the examinations specified in Part I of the 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 (c) fulfils such other requirements as prescribed by Bursa Malaysia.
Ahli Jawatankuasa hendaklah melantik Pengerusi daripada kalangan mereka yang merupakan seorang Pengarah Bukan Eksekutif Bebas. Sekiranya seorang ahli Jawatankuasa meletak jawatan, meninggal dunia atau atas sebarang sebab tidak lagi menjadi ahli sehingga menyebabkan bilangan ahli kurang daripada tiga (3) orang, maka Lembaga Pengarah hendaklah melantik ahli baru dalam bilangan yang diperlukan untuk mencukupkan bilangan minimum ahli kepada tiga (3) orang dalam tempoh tiga (3) bulan dari peristiwa tersebut. Pengarah gantian tidak boleh dilantik sebagai ahli Jawatankuasa.
The members of the Committee shall elect a Chairman from amongst their numbers who shall be an Independent NonExecutive Director. If a member of the Committee resigns, dies or for any reason ceases to be a member with the result that the number of members are reduced below three (3), the Board shall within three (3) months of that event, appoint such number of new members as may be required to make up the minimum number of three (3) members. No alternate Director can be appointed as a member of the Committee.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
31
Laporan Jawatankuasa Audit Audit Committee Report
Lembaga Pengarah hendaklah mengkaji semula tempoh perkhidmatan dan prestasi Jawatankuasa Audit dan setiap ahlinya sekurang-kurangnya setiap tiga (3) tahun sekali.
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.
Korum dan Prosedur Jawatankuasa Mesyuarat hendaklah diadakan sekurang-kurangnya empat (4) kali setahun atau dengan lebih kerap, mengikut keperluan.
Quorum and Committee’s Procedures Meetings shall be conducted at least four (4) times annually or more frequently as circumstances dictate.
Bagi membentuk korum mesyuarat, majoriti ahli yang hadir mestilah merupakan Pengarah Bukan Eksekutif Bebas. Sekiranya Pengerusi tidak hadir, ahli-ahli yang hadir hendaklah melantik seorang Pengerusi bagi mesyuarat tersebut daripada kalangan ahli-ahli yang hadir.
In order to form a quorum for the meeting, the majority of the 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.
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.
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.
Jawatankuasa boleh, apabila dianggap perlu, menjemput ahli Lembaga Pengarah lain dan/atau ahli Pengurusan Kanan untuk menghadiri mesyuarat Jawatankuasa. Jawatankuasa ini hendaklah bermesyuarat dengan juruaudit luar sekurang-kurangnya dua (2) kali setahun, untuk membincangkan sebarang perkara dengan Jawatankuasa tanpa kehadiran mana-mana ahli eksekutif Lembaga Pengarah dan Pengurusan Kanan. Pengerusi Jawatankuasa akan mengadakan mesyuarat untuk mempertimbangkan sebarang perkara yang pihak juruaudit luar percaya perlu di bawa kepada perhatian para Pengarah atau pemegang saham. Jawatankuasa hendaklah mengatur prosiding mesyuaratnya, dengan mengambil kira konvensyen biasa berhubung perkara tersebut. Kuasa Jawatankuasa diberi kuasa oleh Lembaga Pengarah untuk menyiasat sebarang perkara dalam terma rujukannya. Jawatankuasa juga diberi kuasa untuk mendapatkan sebarang maklumat yang diperlukan daripada mana-mana kakitangan dan semua kakitangan dikehendaki memberi kerjasama terhadap sebarang permintaan yang dibuat oleh Jawatankuasa.
32
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
The Committee may, as and when deemed necessary, invite other Board members and/or Senior Management members to attend the Committee meetings. The Committee shall, at least twice (2) a year, meet with the external auditors to discuss any matter with the Committee without the presence of any executive members of the Board and Senior Management. The Chairman of the Committee shall convene a meeting of the Committee to consider any matter which the external auditors believe should be brought to the attention of the Directors or shareholders. The Committee shall regulate the manner of proceedings of its meetings, having regard to normal conventions on such matter. Authority The Committee is authorised by the Board to investigate any matter within its terms of reference. It is authorised to seek any information it requires from any employee and all employees are required to cooperate with any request made by the Committee.
Laporan Jawatankuasa Audit Audit Committee Report
Jawatankuasa hendaklah mempunyai akses penuh dan tanpa had kepada sebarang maklumat berkaitan Kumpulan dan hendaklah mempunyai sumber yang diperlukan untuk melaksanakan tugasnya. Jawatankuasa boleh mendapatkan nasihat perundangan atau profesional bebas luar lain yang dianggap perlu, dengan perbelanjaan ditanggung oleh Takaful Malaysia. Jawatankuasa hendaklah mempunyai saluran komunikasi secara langsung dengan juruaudit dalaman dan juruaudit luar, kakitangan pengurusan risiko dan dengan Pengurusan Kanan Kumpulan dan boleh mengadakan mesyuarat dengan juruaudit luar, juruaudit dalaman atau kedua-duanya sekali, tanpa dihadiri oleh para pengarah dan kakitangan Syarikat, bila-bila dianggap perlu. Sekiranya Jawatankuasa berpendapat bahawa sebarang perkara yang dilaporkan olehnya kepada Lembaga Pengarah masih belum diselesaikan dengan memuaskan sehingga menyebabkan pelanggaran Keperluan Penyenaraian Bursa Malaysia, Jawatankuasa hendaklah melaporkan dengan segera perkara tersebut kepada Bursa Malaysia. Tugas dan Tanggungjawab Fungsi utama Jawatankuasa adalah untuk membantu Lembaga Pengarah dalam menilai proses Kumpulan berkaitan dengan risiko dan persekitaran kawalannya, mengawasi laporan kewangan dan menilai proses audit dalaman dan luar. 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.
The Committee shall have full and unlimited access to any information pertaining to the Group. The Committee shall have the resources that are required to perform its duties. The Committee can obtain, at the expense of Takaful Malaysia, external legal or other independent professional advice it considers necessary. The Committee shall have direct communication channels with the internal and external auditors, the risk management personnel and with Senior Management of the Group and shall be able to convene meetings with the external auditors, the internal auditors or both, excluding the attendance of other directors and employees of the Company, whenever deemed necessary. Where the Committee is of the view that a matter reported by it to the Board has not been satisfactorily resolved resulting in a breach of Bursa Malaysia Listing Requirements, the Committee shall promptly report such matter to the Bursa Malaysia. Duties and Responsibilities The primary function of the Committee is to assist the Board to assess the Group’s processes relating to its risks and control environment, oversee financial reporting and evaluate the internal and external audit processes. 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 auditors.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
33
Laporan Jawatankuasa Audit Audit Committee Report
• 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 Pengurusan, juruaudit luar 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.
•
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 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 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 and Compliance Division.
•
to review the adequacy and integrity of internal controls, the internal audit findings, and recommend action to be taken by Management. The reports of the internal auditors and the Committee should not be subject to the clearance of the Chief Executive Officer/Group Managing Director and Executive Directors.
•
to direct and where appropriate supervise any special projects or investigation considered necessary, and review investigation report on any major defalcation, frauds and thefts.
• mengkaji pelantikan, prestasi, yuran audit dan sebarang persoalan berhubung peletakan jawatan atau pemecatan juruaudit luar sebelum memberi cadangan kepada Lembaga Pengarah. •
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 dan Pematuhan. •
mengkaji kecukupan dan kewibawaan sistem 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.
34
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Laporan Jawatankuasa Audit Audit Committee Report
•
mengkaji keputusan suku tahunan dan penyata kewangan akhir tahun, sebelum kelulusan Lembaga Pengarah dengan menumpu terutamanya kepada: - perubahan atau pelaksanaan dasar perakaunan utama; - peristiwa penting dan luar biasa; dan - pematuhan kepada piawaian perakaunan, Bursa Malaysia dan keperluan undang-undang lain.
•
to review the quarterly results and the year end financial statements, prior to the approval by the Board focusing particularly on: - changes in or implementation of major accounting policy; - significant and unusual events; and - compliance with accounting standards, Bursa Malaysia and other legal requirements.
• 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.
•
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.
• memastikan penerbitan penyata/laporan tahunan yang menepati masa.
•
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 question on management integrity.
•
to perform any other functions as may be agreed by the Board.
kewangan
• 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 tehadap kewibawaan pihak Pengurusan. • melaksanakan sebarang fungsi lain dipersetujui oleh Lembaga Pengarah.
yang
mungkin
RINGKASAN AKTIVITI JAWATANKUASA
SUMMARY OF ACTIVITIES OF THE COMMITTEE
Aktiviti-aktiviti berikut telah dijalankan oleh Jawatankuasa sepanjang tahun kewangan yang dikaji:
The following activities were undertaken by the Committee during the financial year under review:
• Mengkaji dan memantau dengan juruaudit luar, keputusan dan perkembangan audit bagi tahun kewangan berakhir 30 Jun 2007, laporan audit dan surat Pengurusan, termasuk tindakan Pengurusan berkaitannya.
•
Reviewed and monitored with the external auditors, the results and progress of the audit for the financial year ended 30 June 2007, the audit report and the Management letter, including Management’s response thereto.
• Berbincang mengenai pelantikan semula juruaudit luar bagi tahun kewangan berakhir 30 Jun 2008.
•
Discussed the re-appointment of external auditors for the financial year ended 30 June 2008.
•
Mengkaji skop kerja dan rancangan audit juruaudit luar bagi tahun kewangan berakhir 30 Jun 2008. Sebelum audit dijalankan, wakil-wakil juruaudit luar telah membentangkan strategi dan rancangan audit.
•
Reviewed the external auditors’ scope of work and audit plans for the financial year ended 30 June 2008. Prior to the audit, representatives from the external auditors presented their audit strategy and plan.
•
Berbincang mengenai yuran audit yang perlu dibayar kepada juruaudit luar.
•
Discussed the audit fees payable to the external auditors.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
35
Laporan Jawatankuasa Audit Audit Committee Report
•
Berbincang dengan juruaudit luar berhubung sebarang perkara yang memerlukan perhatian Lembaga Pengarah dan Pemegang Saham tanpa kehadiran ahli Lembaga Pengarah Eksekutif dan pihak Pengurusan.
•
Discussed with external auditors any matters that warrant the Board and Shareholders’ attention without the presence of the member of the Executive Directors and Management.
•
Mengkaji pelan audit, program dan keperluan sumber Bahagian Audit Dalaman dan Pematuhan bagi tahun kewangan yang dikaji.
•
Reviewed the Internal Audit and Compliance Division’s audit plan, programmes and resources requirements for the financial year under review.
•
Mengkaji laporan audit dalaman dan audit khas untuk Takaful Malaysia dan subsidiarinya yang menekankan isu-isu audit, cadangan dan maklum balas pihak Pengurusan berkaitannya. 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.
•
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.
• •
Mengkaji laporan susulan oleh juruaudit dalaman mengenai status tindakan yang diambil oleh pihak Pengurusan terhadap cadangan yang diberikan dalam laporan audit.
Reviewed follow-up reports by the internal auditors on the status of actions taken by the Management on recommendations suggested in the audit reports.
• •
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.
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 and Compliance 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.
•
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 dan Pematuhan 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.
36
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Laporan Jawatankuasa Audit Audit Committee Report
•
Mengkaji pematuhan Syarikat terhadap Keperluan Penyenaraian Bursa Malaysia, Akta Pasaran dan Perkhidmatan Modal 2007, Garis Panduan BNM, piawaian perakaunan berkaitan yang diluluskan dan keperluankeperluan perundangan dan penguatkuasaan lain, terutamanya bagi penyata kewangan suku tahunan dan akhir tahun.
•
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.
•
Mengkaji laporan Pematuhan mengenai tahap pematuhan dengan keperluan Pihak Penguatkuasa, undang-undang dan Akta.
•
Reviewed the Compliance reports on the level of compliance with Regulators’ requirements, laws and Acts.
•
•
Membincangkan pelaksanaan keperluan-keperluan baru yang digariskan oleh Pihak Penguatkuasaan.
Discussed the implementation of new requirements set forth by the Regulators.
•
Mengkaji laporan berhubung Pencegahan Penggubahan Wang Haram.
•
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.
•
In respect of the Company’s Employees’ Share Option Scheme, there was no allocation of options in the year for the Committee to review.
•
Mengkaji pengumuman keputusan kewangan suku tahunan yang belum diaudit sebelum disyorkan kepada Lembaga Pengarah untuk kelulusan.
•
Mengkaji urusniaga 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.
•
pihak
yang
berkaitan
dalam
Berhubung Skim Opsyen Saham Kakitangan Syarikat, tiada sebarang peruntukan opsyen untuk dikaji oleh Jawatankuasa pada tahun ini.
FUNGSI DAN AKTIVITI AUDIT DALAMAN Bahagian Audit Dalaman dan Pematuhan adalah bebas daripada aktiviti atau operasi unit-unit operasi lain. 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. Bagi menyediakan pemantauan berterusan ke atas persekitaran IT Takaful Malaysia, satu Unit Audit IT telah ditubuhkan untuk memastikan supaya persekitaran IT diuruskan sebaiknya dan sebarang risiko yang telah dikenal pasti ditangani dengan sewajarnya.
INTERNAL AUDIT FUNCTION AND ACTIVITIES The Internal Audit and Compliance Division is independent of the activities or operations of other operating units. 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. In order to provide a continuous monitoring on Takaful Malaysia’s IT Environment, an IT Audit Unit has been established to ensure that the IT Environment is adequately managed and any risks identified are addressed accordingly.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
37
Laporan Jawatankuasa Audit Audit Committee Report
Adalah menjadi tanggungjawab Bahagian Audit Dalaman dan Pematuhan 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.
It is the responsibility of the Internal Audit and Compliance 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.
Ringkasan aktiviti sepanjang tahun adalah seperti berikut:
A summary of its activities for the year is as follows:
•
Menyediakan kaedah penarafan audit dalam menilai dan memberi penarafan kepada tahap risiko di pelbagai bahagian yang boleh diaudit untuk pertimbangan Jawatankuasa.
•
Prepared audit rating methodology in assessing and rating the risk levels of the various auditable areas for the Committee’s consideration.
•
Menyediakan pelan audit tahunan bagi jabatan, cawangan, subsidiari serta IT untuk pertimbangan Jawatankuasa.
•
Prepared annual audit plan of departments, branches, subsidiaries as well as IT for the Committee’s consideration.
•
Menjalankan audit ke atas jabatan, cawangan, subsidiari dan sebagainya seperti yang dinyatakan dalam Pelan Audit.
•
Conducted audits on departments, branches, subsidiaries, etc. as set out in the Audit Plan.
•
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.
•
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.
•
Menjalankan audit ad-hoc dan penyiasatan ke atas kes-kes khas.
•
Conducted ad-hoc audits and investigations on special cases.
•
Menjalankan kajian ke atas pelaksanaan sistem IT sebelum ianya dilaksanakan.
•
Conducted reviews on IT system implementation before embarking into production.
•
Menyertai projek/aktiviti berkaitan dengan migrasi sistem Syarikat.
•
Participated in the Company’s system migration project/ activities.
•
Menyelaras pelaksanaan semakan semula ke atas Had kuasa dan Prosedur Operasi Piawai melalui fungsi pematuhannya.
•
Coordinated the revision exercise on Limit of authority and Standard Operating Procedures via its compliance function.
Laporan daripada tugasan audit dikemukakan kepada Pengurusan untuk perhatian dan tindakan pembetulan yang perlu seperti yang dicadangkan. Pengurusan bertanggungjawab memastikan tindakan pembetulan terhadap kelemahan yang dilapor dilaksanakan dalam jangka masa yang ditetapkan.
38
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Reports from the audit assignments are forwarded to the Management for attention and necessary corrective actions as recommended. The Management is responsible for ensuring that corrective actions on reported weaknesses are taken within the required time frame.
Penyata Urus Tadbir Korporat Corporate Governance Statement
Lembaga Pengarah Syarikat Takaful Malaysia Berhad (“Takaful Malaysia”) terus mematuhi dan menyokong sepenuhnya Kod Urus Tadbir Korporat Malaysia (“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 Bursa Malaysia Securities Berhad (“Keperluan Penyenaraian Bursa Malaysia”) sepanjang tahun kewangan yang dikaji.
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 Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Malaysia Listing Requirements”) during the financial year under review. DIRECTORS
PENGARAH Lembaga Pengarah Lembaga Pengarah bertanggungjawab terhadap keseluruhan aspek urus tadbir korporat Kumpulan dan juga diamanahkan dengan tanggungjawab dalam melaksanakan penjagaan yang sewajarnya ke atas Syarikat serta sumber-sumber Kumpulan bagi memelihara kepentingan para pemegang saham dan memastikan pengurusan perniagaan yang sewajarnya. Mesyuarat Lembaga Pengarah Mesyuarat Lembaga Pengarah dijadualkan terlebih dahulu pada permulaan tahun kalendar dengan mesyuarat tambahan diadakan bila perlu. Sembilan (9) mesyuarat Lembaga Pengarah telah diadakan pada tahun kewangan yang dikaji dengan butiran kehadiran setiap Pengarah seperti berikut:
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 Meetings Board meetings are scheduled in advance at the beginning of a calendar year with additional meetings convened when necessary. Nine (9) Board meetings were held during the financial year under review with details of meetings’ attendance of each Director as follows:
Nama/Name
Kehadiran/ Attendance
Peratus (%)/ Percentage (%)
Y. Bhg. Tan Sri Dr. Hadenan b. A. Jalil (Pengarah Bukan Eksekutif Bukan Bebas/Non-Independent Non-Executive Director)
8/9
89
Y. Bhg. Dato’ Mohamed Hassan b. Md Kamil (Pengarah Eksekutif Bukan Bebas/Non-Independent Executive Director)
9/9 100
Y. A. M. Tengku Dato’ Sri Azman Ibni Almarhum Sultan Abu Bakar (Pengarah Bukan Eksekutif Bebas/Independent Non-Executive Director)
8/9
89
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
39
Penyata Urus Tadbir Korporat Corporate Governance Statement
Nama/Name
Kehadiran/ Attendance
Peratus (%)/ Percentage (%)
Puan Rozaida bt. Omar (Pengarah Bukan Eksekutif Bukan Bebas/Non-Independent Non-Executive Director)
8/9
89
Encik Mahadzir b. Azizan (Pengarah Bukan Eksekutif Bebas/Independent Non-Executive Director) Y. DH. Dato’ Sri Wan Abdul Wahid b. Wan Hassan (Pengarah Bukan Eksekutif Bebas/Independent Non-Executive Director) (Bersara pada 25 November 2007/Retired on 25 November 2007) Y. Bhg. Dato’ Alwi b. Muhamad (Pengarah Bukan Eksekutif Bebas/Independent Non-Executive Director) (Bersara pada 30 November 2007/Retired on 30 November 2007) Y. Bhg. Dato’ Noorazman b. A. Aziz (Pengarah Bukan Eksekutif Bukan Bebas/Non-Independent Non-Executive Director) (Meletak jawatan pada 1 Januari 2008/Resigned on 1 January 2008) Y. Bhg. Dato’ Sulaiman b. Mohd Yusof (Pengarah Bukan Eksekutif Bebas/Independent Non-Executive Director) (Dilantik pada 1 Januari 2008/Appointed on 1 January 2008) Encik Johan b. Abdullah (Pengarah Bukan Eksekutif Bukan Bebas/Non-Independent Non-Executive Director) (Dilantik pada 15 Ogos 2008/Appointed on 15 August 2008)
7/7 100
4/4 100
4/5
80
5/5 100
4/4 100
t/b n/a
t/b n/a
t/b – tidak berkenaan kerana tarikh pelantikan adalah selepas tahun kewangan berakhir 30 Jun 2008
n/a – not applicable as the date of appointment is after the financial year end 30 June 2008.
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.
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.
Keseimbangan Lembaga Pengarah Sepanjang tahun kewangan yang dikaji, Lembaga Pengarah terdiri daripada:
Board Balance During the financial year under review, the Board comprises the following:
Nama/Name
Kehadiran/ Attendance
Peratus (%)/ Percentage (%)
Pengarah Eksekutif Bukan Bebas/Non-Independent Executive Director 1/6 16.7% Pengarah Bukan Eksekutif Bukan Bebas/Non-Independent Non-Executive Directors 2/6 33.3% Pengarah Bukan Eksekutif Bebas/Independent Non-Executive Directors 3/6 50.0%
40
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Penyata Urus Tadbir Korporat Corporate Governance Statement
* Komposisi di atas adalah selepas persaraan Y.DH. Dato’ Sri Wan Abdul Wahid b. Wan Hassan dan Y. Bhg. Dato’ Alwi b. Muhamad masing-masing pada 25 November 2007 dan 30 November 2007, peletakan jawatan Y. Bhg. Dato’ Noorazman b. A. Aziz pada 1 Januari 2008; dan pelantikan Y. Bhg. Dato’ Sulaiman b. Mohd Yusof pada 1 Januari 2008; tetapi sebelum pelantikan Encik Johan b. Abdullah pada 15 Ogos 2008.
* The above composition is after the retirement of Y. DH. Dato’ Sri Wan Abdul Wahid b. Wan Hassan and Y. Bhg. Dato’ Alwi b. Muhamad on 25 November 2007 and 30 November 2007 respectively; the resignation of Y. Bhg. Dato’ Noorazman b. A. Aziz on 1 January 2008; and the appointment of Y. Bhg. Dato’ Sulaiman b. Mohd Yusof on 1 January 2008; but before the appointment of Encik Johan b. Abdullah on 15 August 2008.
Komposisi di atas mematuhi Keperluan Penyenaraian Bursa Malaysia yang mewajibkan satu pertiga (1/3) daripada para Pengarah Takaful Malaysia terdiri daripada Pengarah Bebas.
The above composition is in compliance with Bursa Malaysia Listing Requirements which require that one third (1/3) of Directors of Takaful Malaysia to be Independent Directors.
Lembaga Pengarah yang mempunyai pelbagai latar belakang dan kepakaran khusus, secara kolektifnya membawa bersama mereka pengalaman dan kepakaran yang luas dalam bidangbidang seperti kewangan, audit, insurans, aktuari, perakaunan, kesetiausahaan syarikat, perundangan, pengurusan dan perbankan. Profil ahli Lembaga Pengarah ada dibentangkan di mukasurat 16 hingga 22 dalam Laporan Tahunan ini. Terdapat pembahagian yang jelas antara tanggungjawab Pengerusi dan Pengarah Urusan Kumpulan bagi memastikan keseimbangan kuasa dan autoriti.
The Board with their different backgrounds and specialisations, collectively bring with them a wide range of experience and expertise in areas such as finance, audit, insurance, actuary, accounting, company secretarial, legal, management and banking. The profiles of the Directors are provided on pages 16 to 22 of the Annual Report. There is a clear division of responsibilities between the Chairman and the Group Managing Director to ensure that there is a balance of power and authority.
Peranan Pengerusi dan Pengarah Urusan Kumpulan ditakrif dengan jelas di mana Pengerusi bertanggungjawab terhadap pengendalian Lembaga Pengarah dan menerajui perbincangan di peringkat Lembaga Pengarah sementara Pengarah Urusan Kumpulan bertanggungjawab terhadap pengurusan Syarikat dan Kumpulan serta pelaksanaan dasar dan keputusan yang telah diputuskan oleh Lembaga Pengarah. 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 Pengarah Dalam memastikan Lembaga Pengarah melaksanakan tugas mereka dengan lebih berkesan di samping meningkatkan perniagaan dan kecekapan operasi, Lembaga Pengarah mengagihkan tanggungjawab tertentu kepada lima (5) Jawatankuasa Lembaga Pengarah, iaitu: • • • • •
Jawatankuasa Audit Jawatankuasa Pemilihan Jawatankuasa Ganjaran Jawatankuasa Pengurusan Risiko; dan Jawatankuasa ESOS
The roles of the Chairman and Group Managing Director are clearly defined with the Chairman being responsible for running the Board and lead the discussion at the Board level whilst the Group Managing Director is responsible for managing the Company and the Group as well as the implementation of the Board’s policies and decisions. The 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 Committees To enable the Board to discharge its duties effectively whilst enhancing business and operational efficacy, the Board delegates certain responsibilities to five (5) Board Committees, namely: • • • • •
Audit Committee Nomination Committee Remuneration Committee Risk Management Committee; and ESOS Committee
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
41
Penyata Urus Tadbir Korporat Corporate Governance Statement
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.
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.
Bagi memastikan operasi dan produk Kumpulan yang ditawarkan selaras dengan Prinsip Syariah, Lembaga Pengarah mengamanahkan peranan dan tanggungjawab ini kepada Badan Penasihat Syariah.
In ensuring that the Group’s operations and products offered are in accordance with Shariah Principle, the Shariah Advisory Body is entrusted by the Board to undertake such roles and responsibility.
Sumber Maklumat kepada Lembaga Pengarah Lembaga Pengarah mempunyai akses penuh dan secukupnya kepada maklumat berkenaan kertas Lembaga Pengarah yang diedarkan sebelum mesyuarat agar Pengarah boleh mendapatkan penjelasan lanjut, apabila diperlukan bagi mendapatkan penerangan yang sewajarnya sebelum mesyuarat. Kertas Lembaga Pengarah merangkumi minit mesyuarat Lembaga Pengarah yang lalu, minit mesyuarat semua Jawatankuasa Lembaga Pengarah dan laporan yang berkaitan isu-isu mesyuarat yang meliputi kewangan, pelaburan, teknologi maklumat, operasi, sumber manusia dan perkara berkaitan dengan pematuhan peraturan. Pengarah Urusan Kumpulan akan memaklumkan kepada Lembaga Pengarah tepat pada masanya, berhubung semua isu penting yang boleh mempengaruhi prestasi Kumpulan dan pembangunan utama yang berlaku dalam Kumpulan.
Supply of Information to the Board The Board has full and timely access to information with Board papers distributed in advance of meetings to enable the Directors to obtain further explanation, where necessary, in order to be properly briefed before the meetings. The Board papers include the minutes of previous Board meeting, minutes of meetings of all Committees of the Board and reports relevant to the issues of the meetings covering areas such as financial, investment, information technology, operational, human resource and regulatory compliance matters. The Group Managing Director keeps the Board informed, on timely basis, of all material matters affecting the Group’s performance and major developments within the Group.
Semua ahli Lembaga Pengarah mempunyai akses yang tidak terhad kepada maklumat yang tepat dan pada masa yang ditetapkan serta khidmat nasihat Setiausaha Syarikat yang bertanggungjawab untuk memastikan supaya prosedur mesyuarat Lembaga Pengarah dituruti dan semua syarat serta peraturan yang diterima pakai dipatuhi. Para Pengarah juga boleh mendapatkan nasihat badan profesional bebas dalam menjalankan tugas mereka, di bawah tanggungan Takaful Malaysia. Pelantikan sebagai ahli Lembaga Pengarah Pelantikan ahli Lembaga Pengarah yang baru dipertimbang dan dinilai oleh Jawatankuasa Pemilihan dan Jawatankuasa tersebut akan mengesyorkan pelantikan tersebut kepada Lembaga Pengarah untuk diluluskan. Selaras dengan Akta Takaful, 1984 dan keperluan Bank Negara Malaysia (“BNM”), pelantikan Pengarah adalah tertakluk kepada kelulusan BNM. Setiausaha Syarikat akan memastikan supaya semua pelantikan dilakukan dengan cara yang betul di mana semua maklumat yang diperlukan diperoleh serta semua syarat perundangan dan peraturan dipenuhi.
42
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
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 Board The 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.
Penyata Urus Tadbir Korporat Corporate Governance Statement
Jawatankuasa Pemilihan Jawatankuasa 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 Encik Mahadzir b. Azizan, seorang Pengarah Bukan Eksekutif Bebas. Jawatankuasa Pemilihan telah bermesyuarat sebanyak empat (4) kali sepanjang tahun kewangan ini.
Nomination Committee The Nomination Committee currently consist of four (4) NonExecutive Directors and one (1) Executive Director, two (2) of whom are Independent. The current Chairman of the Committee is Encik Mahadzir b. Azizan, an Independent Non-Executive Director. The Nomination Committee met four (4) times during the financial year.
Jawatankuasa Pemilihan telah diberikan mandat oleh Lembaga Pengarah dan terma rujukannya untuk membentang kepada Pengarah cadangan pemilihan ahli Lembaga Pengarah dan Pengarah Urusan Kumpulan/Ketua Pegawai Eksekutif, dan sentiasa mengkaji syarat-syarat pelantikan Pengarah/Pengarah Urusan Kumpulan/Ketua Pegawai Eksekutif. 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.
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 and Group Managing Director/Chief Executive Officer, and keeps under review the terms of appointment of Directors/Group Managing Director/ Chief Executive Officer. The Nomination Committee is also empowered to assess the effectiveness of the Board, its Committees and the contribution of each individual Director. The Nomination Committee also discussed the succession plan of the Senior Management of Takaful Malaysia.
Latihan Pengarah Semua ahli Lembaga Pengarah telah menghadiri Program Latihan Akreditasi Mandatori (“MAP”). Mereka akan terus menghadiri lain-lain program latihan, kursus dan seminar yang relevan untuk mempertingkatkan kemahiran dan pengetahuan mereka dalam menjalankan tugas mereka sebagai Pengarah.
Directors’ Training All Directors have attended the Mandatory Accreditation Programme (“MAP”). The Directors will continue to attend other relevant training programmes, courses and seminars to enhance their skills and knowledge in discharging their duties as Directors.
Sepanjang tahun ini, para Pengarah telah menghadiri pelbagai kursus latihan termasuk latihan dalaman yang diatur oleh BIMB Holdings Berhad yang berkaitan, antaranya, Kemaskini Kod Urus Tadbir Korporat Malaysia & Tugas-tugas Pengarah, Akta Pasaran & Perkhidmatan Modal Malaysia 2007, Kes-kes & Perkembangan Terkini Produk Kewangan Islam dan Liabiliti Pengarah & Pegawai. 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.
During the year, the Directors attended training courses including in house training arranged by BIMB Holdings Berhad related to, amongst others, Update on Malaysian Code on Corporate Governance & Directors’ Duties, the Malaysian Capital Markets & Services Act 2007, Recent Cases & Developments of Islamic Financial Products and Directors & Officers Liability. 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.
Pemilihan Semula Tataurusan 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.
Re-election The Articles of Association provide for all Directors including the Group Managing Director/Chief Executive Officer to submit themselves for re-election at least every three (3) years in compliance with Bursa Malaysia Listing Requirements.
Bagi membantu para pemegang saham membuat keputusan, maklumat yang mencukupi seperti profil peribadi, kehadiran mesyuarat dan pegangan saham dalam Syarikat bagi setiap Pengarah yang bersedia untuk pemilihan semula disediakan dalam Laporan Tahunan.
To assist shareholders in their decision, sufficient information, such as personal profile, meetings attendance and shareholding in the Company of each director standing for re-election are furnished in the Annual Report.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
43
Penyata Urus Tadbir Korporat Corporate Governance Statement
GANJARAN PENGARAH
DIRECTORS’ REMUNERATION
Peringkat dan Kandungan Ganjaran Jawatankuasa Ganjaran bertanggungjawab mengesyorkan rangka kerja ganjaran bagi para Pengarah termasuk pakej ganjaran bagi Pengarah Eksekutif kepada Lembaga Pengarah bagi memastikan Takaful Malaysia mampu menarik minat, memberi motivasi dan mengekalkan ahli Lembaga Pengarah 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.
Level and Make-up of Remuneration The Remuneration Committee is responsible in recommending the remuneration framework for the Directors as well as the remuneration package of Executive Director to the Board so as to ensure that Takaful Malaysia attracts, motivates and retains the Directors 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.
Yuran para Pengarah diluluskan oleh para pemegang saham di Mesyuarat Agung Tahunan. Jawatankuasa Ganjaran Jawatankuasa Ganjaran kini terdiri daripada tiga (3) orang Pengarah Bukan Eksekutif, di mana kesemua mereka adalah Pengarah Bebas, dan seorang (1) Pengarah Eksekutif. Pengerusi Jawatankuasa kini ialah Encik Mahadzir b. Azizan, seorang Pengarah Bukan Eksekutif Bebas. Jawatankuasa Ganjaran telah bermesyuarat sebanyak tiga (3) kali pada tahun kewangan ini. Pendedahan Ringkasan maklumat mengenai ganjaran para Pengarah bagi tahun berakhir 30 Jun 2008 adalah seperti berikut:
Directors’ fees are approved by the shareholders at the Annual General Meeting. Remuneration Committee The 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 Encik Mahadzir b. Azizan, an Independent Non-Executive Director. The Remuneration Committee met three (3) times during the financial year. Disclosure A summary of the remuneration of the Directors for the year ended 30 June 2008 is as follows:
Ganjaran Pengarah/ Jumlah Pengarah/ Directors’ Remuneration Number of Directors Pengarah Eksekutif/ Pengarah Bukan Eksekutif/ Executive Director Non Executive Directors (RM’000) (RM’000) Dibawah/Below than RM50,000 - 7 RM50,001 – RM100,000 - 1 RM100,001 – RM150,000 - RM150,001 – RM200,000 - Melebihi/More than RM200,001 1 Jumlah/Total 1 8
44
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Penyata Urus Tadbir Korporat Corporate Governance Statement
PEMEGANG SAHAM
SHAREHOLDERS
Dialog antara Syarikat dan para Pelabur Takaful Malaysia sedar akan kepentingan untuk sentiasa memaklumkan kepada para pemegang saham berkenaan semua perkembangan utama Takaful Malaysia dari semasa ke semasa. Pengerusi dan Pengarah Urusan Kumpulan mengadakan perbincangan dengan penganalisis dan pemegang saham sekurang-kurangnya sekali (1) setahun sejurus selepas Mesyuarat Agung Tahunan. Selain itu, pelbagai pendedahan dan pengumuman dibuat kepada Bursa Malaysia termasuk keputusan suku tahunan, pulangan setengah tahunan dan keputusan tahunan bagi memudahkan sebaran maklumat kepada pemegang saham. Tambahan lagi, maklumat-maklumat lain mengenai Syarikat boleh diperolehi di laman web Takaful Malaysia, iaitu www.takaful-malaysia.com. Pertanyaan mengenai operasi perniagaan dijawab oleh Unit Khidmat Pelanggan.
Dialogue between the Company and Investors Takaful Malaysia recognises 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 analysts and shareholders at least once (1) a year immediately after the Annual General Meeting. Additionally, various disclosures and announcements made to Bursa Malaysia including quarterly, semi-annual returns and annual results facilitate the dissemination of information to the shareholders. In addition, other information about the Company is available on Takaful Malaysia’s website, www. takaful-malaysia.com. Queries pertaining to business operations are answered by the Customer Services Unit.
Mesyuarat Agung Tahunan Mesyuarat Agung Tahunan adalah forum utama bagi dialog dengan pemegang saham individu. 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.
The Annual General Meeting The Annual General Meeting is the principal forum for dialogues with private 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 reelected. 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.
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.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
45
Penyata Urus Tadbir Korporat Corporate Governance Statement
AKAUNTABILITI DAN AUDIT
ACCOUNTABILITY AND AUDIT
Laporan Kewangan Lembaga Pengarah perlu memastikan yang penyata kewangan tahunan dan pengumuman suku tahunan kepada pemegang saham disediakan selaras dengan piawaian perakaunan yang diluluskan dan membentangkan penilaian yang seimbang dan boleh difahami mengenai kedudukan dan prospek Kumpulan. Jawatankuasa Audit membantu Lembaga Pengarah memastikan ketepatan dan kelengkapan maklumat dengan mengkaji dan mencadangkan mengguna pakai maklumat bagi tujuan pendedahan.
Financial Reporting The Board ensures that the annual financial statements and quarterly announcements to shareholders are prepared in accordance with approved accounting standards and present a balance and understandable assessment of the Group’s position and prospects. The Audit Committee assists the Board in ensuring accuracy and adequacy of information by reviewing and recommending for adoption information for disclosure.
Penyata Tanggungjawab Para Pengarah Berkenaan Penyata Kewangan Menurut Akta Syarikat, 1965, Lembaga Pengarah perlu menyediakan penyata kewangan bagi setiap tahun kewangan yang memberi gambaran yang benar dan saksama mengenai keadaan urusan hal-ehwal Syarikat dan Kumpulan sehingga akhir tahun kewangan serta penyata hasil dan aliran tunai Syarikat dan Kumpulan untuk tahun kewangan. Para Pengarah memberi pertimbangan bahawa, dalam menyediakan penyata kewangan bagi tahun berakhir 30 Jun 2008, 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.
46
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Statement of Directors’ Responsibilities in Relation To Financial Statements The Directors are required under the Companies Act, 1965 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and the Group as at the end of the financial year and of the income statement and cash flows for the Company and the Group for the financial year. The Directors consider that, in preparing the financial statements for the year ended 30 June 2008, 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 has 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.
Penyata Urus Tadbir Korporat Corporate Governance Statement
Kawalan Dalaman dan Pengurusan Risiko Lembaga Pengarah mengiktiraf tanggungjawabnya dan komited untuk mengekalkan pelaksanaan sistem kawalan dalaman dan amalan pengurusan risiko yang berwibawa. Walau bagaimanapun, sistem tersebut hanya dapat memberikan jaminan berpatutan dan bukannya mutlak daripada sebarang salah nyata atau kerugian ketara. Penyata Kawalan Dalaman yang dibentangkan di muka surat 53 hingga 56 dalam Laporan Tahunan ini memberikan tinjauan menyeluruh mengenai kedudukan kawalan dalaman Kumpulan. Hubungan dengan Juruaudit Peranan Jawatankuasa Audit dinyatakan di muka surat 30 hingga 38. 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.
Internal Control and Risk Management The Board acknowledges its responsibility and is committed in maintaining a sound system of internal control and risk management practice. However, such system can only provide reasonable but not absolute assurance against material misstatements or losses. The Statement on Internal Control furnished on pages 53 to 56 in the Annual Report provides an overview of the state of internal control within the Group. Relationships with the Auditors The role of the Audit Committee is as stated on pages 30 to 38. 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 October 2008.
Penyata ini dibuat selaras dengan resolusi Lembaga Pengarah bertarikh 20 Oktober 2008.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
47
Maklumat Pematuhan Tambahan Additional Compliance Information
1. UTILISATION OF PROCEEDS
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.
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.
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 2008 adalah seperti berikut:
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 2008 are as follows: Penggunaan Dana Terbitan Hak Utilisation of Rights Issue Proceeds
Pelaburan Menaiktaraf Modal Tambahan Sistem Teknologi Kerja Dalam Maklumat Working Syarikat Upgrading Capital Subsidiari of IT Systems Additional Investment in Subsidiaries
(RM’000)
Cadangan penggunaan dana terbitan hak/ Proposed utilisation of rights issue proceeds
30,531
Peruntukan semula dana terbitan hak*/ 13,731 Reallocation of rights issue proceeds*
(RM’000)
(RM’000)
Pembiayaan Perbelanjaan Berkaitan Terbitan Bonus, Terbitan Hak, Penempatan Persendirian dan Pelaksanaan ESOS Defray Expenses Relating to Bonus Issue, Rights Issue, Private Placement and ESOS Exercises (RM’000)
30,000 14,969 1,500 -
(13,731)
Jumlah Dana Total Proceeds
(RM’000)
77,000
-
-
Jumlah kecil/Sub-total
44,262
30,000 1,238 1,500
77,000
Tolak : Jumlah penggunaan setakat 30.06.2008/ Less : Amount utilised as at 30.06.2008
(23,039)
(30,000)
(1,238)
(898)
(55,175)
Baki dana terbitan hak/ Remaining rights issue proceeds
21,223
-
-
602
21,825
* Lembaga Pengarah sebelum ini telah meluluskan peruntukan semula dana terbitan hak berjumlah RM13,731,000 bagi pelaburan tambahan dalam syarikat-syarikat subsidiari sebagai modal kerja.
48
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
* The Board of Directors had earlier approved the reallocation of the rights issue proceeds amounting to RM13,731,000 for additional investment in subsidiary companies for their working capital purposes.
Maklumat Pematuhan Tambahan Additional Compliance Information
2. PEMBELIAN BALIK SAHAM Dalam tahun kewangan, tiada sebarang pembelian balik saham dilakukan oleh Takaful Malaysia.
2. SHARE BUYBACKS During the financial year, there were no share buybacks by Takaful Malaysia.
3. OPSYEN, WARAN ATAU SEKURITI BOLEH TUKAR
3. OPTIONS, WARRANTS OR CONVERTIBLE SECURITIES
Tidak ada opsyen, waran atau sekuriti boleh tukar yang diterbitkan oleh Takaful Malaysia sepanjang tahun kewangan.
No options, warrants or convertible securities were issued by Takaful Malaysia during the financial year.
4. PROGRAM AMERICAN DEPOSITORY RECEIPT (ADR) ATAU GLOBAL DEPOSITORY RECEIPT (GDR)
4. AMERICAN DEPOSITORY RECEIPT (ADR) OR GLOBAL DEPOSITORY RECEIPT (GDR) PROGRAMME
Dalam tahun kewangan, Takaful Malaysia tidak menaja sebarang program ADR atau GDR.
During the financial year, Takaful Malaysia did not sponsor any ADR or GDR programme.
5. PENGENAAN SEKATAN / PENALTI Tiada sekatan dan/atau penalti yang dikenakan ke atas Takaful Malaysia dan subsidiari, para Pengarah atau Pengurusannya oleh pihak berkuasa berkaitan sepanjang tahun kewangan. 6. YURAN BUKAN AUDIT Tiada yuran bukan audit yang dibayar kepada juruaudit luar pada tahun kewangan. 7. VARIASI KEPUTUSAN Terdapat variasi positif sebanyak 18.16% di antara keputusan yang telah diaudit bagi tahun kewangan berakhir 30 Jun 2008 dan keputusan belum diaudit yang diumumkan sebelum ini disebabkan oleh pelarasan audit bagi cukai perkhidmatan dan rizab tuntutan bagi kes-kes yang belum dilaporkan (IBNR) bagi Takaful Keluarga dan Am. Penyesuaian variasi adalah seperti berikut:
5. IMPOSITIONS OF SANCTIONS/ PENALTIES There were no sanctions and/or penalties imposed on Takaful Malaysia and its subsidiaries, Directors or Management by relevant regulatory bodies during the financial year. 6. NON-AUDIT FEES There were no non-audit fees paid to external auditors during the financial year. 7. VARIATION IN RESULTS There was a positive variation of 18.16% between the audited results for the financial year ended 30 June 2008 and the unaudited results previously announced mainly due to audit adjustments for service tax and incurred but not reported (IBNR) claim reserve for Family and General Takaful. The reconciliation of the variation is as follows:
Maklumat/Details RM’000 Keuntungan sebelum diaudit bagi tahun semasa selepas cukai dan kepentingan pihak minoriti/ Unaudited profit for the year after tax and minority interest Pelarasan audit bagi/Audit adjustments for: Lebihan peruntukan cukai perkhidmatan untuk Takaful Keluarga dan Am/ 8,212 Overprovision of service tax for Family and General Takaful Penambahan rizab IBNR bagi Takaful Keluarga dan Am/ (2,705) Additional IBNR reserve for Family and General Takaful Pelarasan-pelarasan lain/Other adjustments (942) Keuntungan setelah diaudit selepas cukai dan kepentingan pihak minoriti/ Audited profit for the year after tax and minority interest
Takaful Malaysia tidak mengeluarkan sebarang anggaran, ramalan atau unjuran keuntungan bagi tahun kewangan.
RM’000 25,140
4,565 29,705
Takaful Malaysia did not release any profit estimate, forecast or projections for the financial year.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
49
Maklumat Pematuhan Tambahan Additional Compliance Information
8. JAMINAN KEUNTUNGAN Dalam tahun kewangan, tiada jaminan keuntungan diberi oleh Takaful Malaysia. 9. KONTRAK PENTING
During the financial year, there was no profit guarantee given by Takaful Malaysia. 9. MATERIAL CONTRACTS
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:
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.
i.
Perjanjian lesen, bekalan, penghantaran, pemasangan, pembuatan mengikut tempahan, penerimaan, penyelenggaraan dan perkhidmatan profesional bertarikh 29 Jun 2007 di antara Takaful Malaysia dan 3i Infotech Sdn Bhd bagi pelaksanaan sistem pengurusan insurans bersepadu dan perkhidmatan sokongan bagi kontrak berjumlah RM15,176,080.
ii. Perjanjian perkhidmatan pengurusan operasi infrastruktur IT bertarikh 1 Julai 2008 diantara Takaful Malaysia dan Hewlett-Packard (M) Sdn Bhd untuk menguruskan operasi infrastruktur IT Takaful Malaysia bagi kontrak berjumlah RM11,840,142. 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.
50
8. PROFIT GUARANTEE
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
a licence, supply, delivery, installation, customization, acceptance, maintenance and professional services agreement dated 29 June 2007 between Takaful Malaysia and 3i Infotech Sdn Bhd in respect of the implementation of the integrated insurance management system and support services for a total contract sum of RM15,176,080.
ii. 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. 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 account in the period in which they arise.
Maklumat Pematuhan Tambahan Additional Compliance Information
12. URUSNIAGA PIHAK BERKAITAN YANG BERULANG / RECURRENT RELATED PARTY TRANSACTIONS Bentuk Urusniaga Pihak Pihak Berkaitan, kepentingan mereka dan Nature of Transactions Berkaitan bentuk hubungan dengan yang Kumpulan Takaful Malaysia berurusniaga Related Parties, their interests and Related nature of relationships with the Parties Takaful Malaysia Group transacted with
Pajakan mesin penyalin Lease of copier machine
Syarikat Al-Ijarah Syarikat Al-Ijarah adalah subsidiari milik penuh BHB. BHB adalah pemegang saham utama Takaful Malaysia yang Sdn Bhd (Syarikat Al-Ijarah) memegang kepentingan ekuiti Syarikat sebanyak 65.72 % pada 30 Jun 2008.
Nilai Urusniaga Sebenar dari 1 Julai 2007 hingga 30 Jun 2008 Actual Transaction Value from 1 July 2007 to 30 June 2008 (RM’000)
394
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 65.72 % in the Company as at 30 June 2008. 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.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
51
Maklumat Pematuhan Tambahan Additional Compliance Information
12. URUSNIAGA PIHAK BERKAITAN YANG BERULANG / RECURRENT RELATED PARTY TRANSACTIONS Bentuk Urusniaga Pihak Pihak Berkaitan, kepentingan mereka dan Nature of Transactions Berkaitan bentuk hubungan dengan yang Kumpulan Takaful Malaysia Related Parties, their interests and berusniaga Related nature of relationships with the Parties Takaful Malaysia Group transacted with
Sewa bangunan pejabat yang dibayar kepada Takaful Malaysia oleh Bank Islam Malaysia Berhad (BIMB) Rental of office premises payable to Takaful Malaysia by Bank Islam Malaysia Berhad (BIMB)
BIMB
BIMB adalah subsidiari 51% milik BHB. BHB adalah pemegang saham utama Takaful Malaysia yang memegang kepentingan ekuiti sebanyak 65.72 % dalam Syarikat pada 30 Jun 2008. 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 65.72 % in the Company as at 30 June 2008. 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.
52
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Nilai Urusniaga Sebenar dari 1 Julai 2007 hingga 30 Jun 2008 Actual Transaction Value from 1 July 2007 to 30 June 2008 (RM’000)
7,258
Penyata Kawalan Dalaman Statement on Internal Control
Penyata ini disediakan menurut Keperluan Penyenaraian Bursa Malaysia Securities Berhad berkaitan dengan Pematuhan Kumpulan terhadap Prinsip dan peruntukan Amalan Terbaik yang berkaitan dengan kawalan dalaman seperti yang digariskan di dalam Kod Urus Tadbir Korporat Malaysia (“Kod”).
This statement is made pursuant to the Listing Requirements of Bursa Malaysia Securities Berhad with regard to the Group’s compliance with the Principles and Best Practices provisions relating to internal controls as stipulated in the Malaysian Code on Corporate Governance (“the Code”).
Tanggungjawab Lembaga Pengarah
Board Responsibility
Lembaga Pengarah mengiktiraf bahawa mereka bertanggungjawab ke atas sistem kawalan dalaman Kumpulan yang mana termasuk memastikan kecukupan dan kewibawaannya pada setiap masa, serta keselarasannya dengan matlamat perniagaan. Sistem kawalan dalaman tersebut menangani keperluan operasi perniagaan agar sentiasa berkesan dan cekap, laporan kewangan dan prosedur kawalan yang tersusun serta pematuhan dengan undangundang dan peraturan yang berkaitan. Walau bagaimanapun, perlu diingatkan bahawa sistem ini dirumus untuk mengurus dan bukannya menghapuskan risiko kegagalan mencapai objektif perniagaan tetapi hanya boleh memberi jaminan yang munasabah ke atas salah nyata atau kerugian yang ketara.
The Board acknowledges its ultimate responsibility for the Group’s system of internal control that includes the assurance of its adequacy and integrity at all times and, its alignment with the business objectives. The system of internal control addresses the need for effective and efficient business operations, sound financial reporting and control procedures, and compliance with relevant laws and regulations. However, it should be noted that this system is designed to manage rather than to eliminate risks of failure to achieve business objectives and as such, could only provide reasonable assurance against material misstatement or loss.
Lembaga Pengarah komited untuk mengekalkan satu sistem kawalan dalam yang berwibawa, justeru, dengan sukacitanya membentangkan penyata berhubung kawalan dalaman Kumpulan sepanjang tempoh yang dikaji. Rangka Kerja Pengurusan Risiko Lembaga Pengarah mengakui bahawa mengenal pasti dan mengurus risiko utama memainkan peranan penting dan merupakan asas dalam mencapai objektif perniagaan Kumpulan serta dalam menguruskan operasi hariannya. Bagi mencapai objektif tersebut, Lembaga Pengarah telah menyediakan rangka kerja Pengurusan Risiko Seluruh Perniagaan (“ERM”) dalam Kumpulan bagi memastikan supaya wujud proses yang berterusan bagi mengenal pasti, menilai, memantau dan mengurus pendedahan risiko utama yang sememangnya lazim dalam operasi perniagaannya. Pada bulan Januari 2008, Ketua Pengurusan Risiko baru telah dilantik bagi menggalas tanggungjawab utama untuk membantu Jawatankuasa Pengurusan Risiko Lembaga Pengarah (“RISCO”) memantau dan menilai keberkesanan fungsi pengurusan risiko bagi Kumpulan sebagaimana yang telah dipertanggungjawabkan oleh Lembaga Pengarah.
The Board is committed in maintaining a sound system of internal control and is therefore pleased to provide the following statement on internal control of the Group during the period under review. Risk Management Framework The Board acknowledges that 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. In January 2008, a new Head of Risk Management was appointed with the primary responsibility of assisting the Board Risk Management Committee (“RISCO”) to monitor and evaluate the effectiveness of the risk management function for the Group as entrusted by the Board.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
53
Penyata Kawalan Dalaman Statement on Internal Control
Inisiatif-inisiatif berikut telah dilaksanakan mempertingkatkan lagi ERM dalam Kumpulan: • • • •
untuk
Mempertingkatkan urus tadbir dan rangka kerja ERM dalam bulan Jun 2008; Melancarkan Program Kesedaran Pengurusan Risiko dalam bulan Januari 2008; Melaksanakan sistem dan laporan ERM dalam bulan Julai 2008; dan Melancarkan Pelan Pengurusan Kesinambungan Perniagaan dalam bulan Januari 2008.
To further enhance ERM within the Group, the following initiatives have been undertaken: • • • •
Enhancement of the governance and ERM framework in June 2008; Initiation of Risk Management Awareness Programmes in January 2008; Implementation of ERM system and reporting in July 2008; and Initiation of Business Continuity Management Plan in January 2008.
Fungsi Audit Dalaman
Internal Audit Function
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 dikemukan berkaitan penemuan yang timbul daripada kajian tersebut. Pelaksanaan pelan tindakan pengurusan yang berusaha untuk mengurangkan kelemahan tersebut dipantau melalui kajian susulan.
The internal audit function adopts a risk-based approach in its review 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 review. The implementation of management action plans which seek to mitigate the weaknesses are monitored through follow up reviews.
Jawatankuasa Audit turut membincangkan penemuan dan syorsyor yang dicadangkan oleh juruaudit dalaman dan luar serta fungsi pematuhan. Jawatankuasa tersebut turut mengawasi sumber dan skop kerja audit dalaman melalui pelan audit tahunannya.
The Audit Committee deliberates on findings and recommendations proposed by the internal and external auditors as well as the compliance function. The Committee also provide oversight on the internal audit’s resources and scope of work via its annual audit plan.
Unsur-unsur kawalan dalaman utama
Key elements of internal control
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:
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:
•
•
54
Struktur Organisasi Kumpulan telah membentuk sebuah struktur organisasi yang tersusun dengan had-had tanggungjawab dan akauntabiliti yang jelas serta pengagihan kuasa yang bertakrif kepada Jawatankuasa-jawatankuasa Lembaga Pengarah dan Pengurusan.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Organisational Structure The Group has established a well-defined organisational structure with clear lines of responsibility and accountability with a defined delegation of authority to Committees of the Board and Management.
Penyata Kawalan Dalaman Statement on Internal Control
•
Pemantauan dan Laporan Prestasi Pasukan 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 subsidiari pula, Kumpulan mempunyai sekurang-kurangnya seorang (1) wakil dalam Lembaga Pengarah di setiap syarikat tersebut.
•
Performance Monitoring and Reporting The Group’s management team monitors and reviews financial and operational results based on the Key Performance Indicators (“KPI”) or Key Results 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 on the Board of respective companies.
•
Had Kuasa Had kuasa yang ditakrif dengan jelas telah diluluskan oleh Lembaga Pengarah dan telah dilaksanakan dalam bidang Pengunderaitan, kelulusan Tuntutan, Pelaburan dan prosesproses perniagaan yang lain.
•
Limit of Authorities A clearly defined limit of authorities has been approved by the Board and implemented in the areas of Underwriting, Claims approval, Investments and other business processes.
•
Prosedur Operasi Piawai Kumpulan kini sedang mengkaji Prosedur Operasi Piawainya bagi memenuhi keperluan persekitaran perniagaan yang berubah dan lebih berasaskan pelanggan. Satu pasukan khusus telah dibentuk untuk mengawasi pelaksanaan inisiatif tersebut di seluruh Kumpulan.
•
Standard Operating Procedures The Group is currently reviewing its Standard Operating Procedures towards meeting the needs of a changing business environment which is more customer-oriented. A dedicated team has been set-up to oversee the implementation initiatives across the Group.
•
Fungsi pematuhan Pengurus Pematuhan memantau pengeluaran keperluan dan arahan penguatkuasaan. Semua keperluan/garis panduan baru disampaikan kepada setiap pasukan Pengurusan Kanan, Jawatankuasa Audit dan Lembaga Pengarah.
•
Compliance function The Compliance Manager monitors issuance of regulatory requirements and directives. All new requirements/ guidelines are communicated to all Senior Management team, Audit Committee and Board.
• •
Pelan Perniagaan / Pemasaran dan proses Belanjawan Pelan perniagaan dan pemasaran tahunan Kumpulan dibentangkan kepada Lembaga Pengarah untuk kelulusan.
Business / Marketing Plan and Budgeting process The Group’s annual business /marketing plan and budget are submitted to the Board for approval.
• •
Laporan Kewangan Akaun/laporan pengurusan 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 disediakan untuk menangani isu-isu kawalan kewangan atau risiko yang meliputi pengukuhan penutupan kewangan dan proses penyelarasan.
Financial Reporting Management accounts/reports are tabled to the Board for review and discussion. The public release of quarterly reports is made after being 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.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
55
Penyata Kawalan Dalaman Statement on Internal Control
•
Sistem Teknologi Maklumat Kumpulan mengakui bahawa IT adalah amat penting terhadap perniagaan dan ia telah memutuskan untuk menggantikan sistem sedia ada untuk memenuhi keperluan perniagaan semasa dan masa depan. Pelaksanaan sistem tersebut dijalankan secara berfasa. Satu Jawatankuasa Pemandu Projek telah ditugaskan untuk mengawasi pelaksanaan dengan bantuan seorang perunding.
•
Information Technology System The Group recognizes that IT is key to the business and it has decided to replace the existing systems to accommodate current and future business requirements. The system implementation is carried out on phase to phase basis. A Project Steering Committee is tasked to oversee the implementation with the assistance of a consultant.
Conclusion KEsimpulan Walaupun terdapat kelemahan kawalan yang dikenal pasti dalam proses-proses perniagaan tertentu dalam Kumpulan, namun tiada sebarang kegagalan kawalan atau kelemahan ketara yang menyebabkan kerugian besar yang memerlukan pendedahan dalam laporan tahunan Kumpulan bagi tahun kewangan yang dikaji. Penyata ini disediakan selaras dengan resolusi Lembaga Pengarah bertarikh 20 Oktober 2008.
56
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
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 20 October 2008.
Balanced progress
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
57
Dengan Nama Allah Yang Maha Pemurah dan Maha Penyayang, Assalamualaikum Warahmatullahi Wabarakatuh dan Salam Sejahtera kepada Para Pemegang Saham, Masa berlalu dengan begitu pantas dan tiba masanya sekali lagi untuk saya membentangkan Laporan Tahunan dan Penyata Kewangan yang telah diaudit bagi tahun kewangan ke 23 yang berakhir pada 30 Jun 2008.
In the Name of Allah, the Most Compassionate, the Most Merciful, Assalamualaikum Warahmatullahi Wabarakatuh and Dear Shareholders, The year passed fairly quickly and it is that time again for me to present the Annual Report and Audited Financial Statements for the 23rd financial year ended 30 June 2008.
5858
Syarikat Syarikat Takaful Takaful Malaysia Malaysia Berhad Berhad l Laporan l Laporan Tahunan Tahunan 2008 2008 Annual Annual Report Report
Penyata Pengerusi Chairman’s Statement
Para Pemegang Saham Sekalian,
Dear Shareholders,
Sekali lagi, saya ingin membentangkan kepada anda sekalian Laporan Tahunan dan Penyata Kewangan Beraudit bagi tahun kewangan kedua puluh tiga berakhir pada 30 Jun 2008.
Once again, I come before you to present the Annual Report and Audited Financial Statements for the 23rd financial year ended 30 June 2008.
Tahun ini merupakan tahun yang mencabar dan menguntungkan bagi Syarikat Takaful Malaysia Berhad, kerana seluruh organisasi memfokuskan usahanya untuk membina asas ke arah melahirkan sebuah syarikat yang lebih moden, teguh dan cekap.
It has been a busy year full of challenges and rewards for Syarikat Takaful Malaysia Berhad, as the entire organization focused its efforts on laying the foundations for a modernized, leaner and more efficient company.
Saya dengan sukacita ingin melaporkan bahawa kita telah mencapai objektif yang ditetapkan di dalam laporan tahunan yang lepas.
I am very pleased to report that we have achieved our objectives laid out in our previous annual report.
Isu paling mendesak ialah kelemahan infrastruktur kita yang telah mendorong kepada beberapa kelemahan dari segi operasi. Saya amat berbesar hati ingin mengumumkan bahawa kita telah berjaya memperbaiki keadaan tersebut untuk membolehkan isu-isu seperti penyesuaian baki di dalam akaun boleh dikawal, untuk membolehkan syarikat terus bergerak maju dengan penuh yakin. Selain itu, kita juga berada dalam peringkat akhir pelaksanaan sistem Teknologi Maklumat (IT) baru iaitu PREMIA, yang diumumkan pada tahun lepas. Sistem baru ini bukan sahaja akan memudahkan pihak pengurusan dan pemasaran produk kita yang semakin berkembang, malah ia juga akan membolehkan pembangunan produk dilakukan dengan lebih pantas dan cekap, yang seterusnya memberi kita kelebihan daya saing. Kami yakin bahawa PREMIA merupakan sistem yang canggih dan serba boleh bagi memenuhi permintaan terhadap industri perkhidmatan kewangan Islam yang berkembang dengan pantas. Akhir sekali, saya dengan sukacita melaporkan bahawa Takaful Malaysia mempunyai kakitangan utama yang berwibawa. Kekurangan kakitangan utama merupakan satu isu yang membelenggu Syarikat ini pada masa lalu, tetapi kini kami benar-benar bersedia untuk mengukuhkan Syarikat di atas asas yang kami bina pada tahun lepas. Kini, kami memandang ke hadapan untuk memupuk kemajuan ini bagi memastikan transformasi Takaful Malaysia kekal di atas landasan yang tepat dan pada masa yang sama mengatasi setiap cabaran pada tahun-tahun akan datang. Pada masa yang sama, kami akan terus mengukuhkan komitmen kami memajukan industri kewangan Islam.
The most pressing issue was our infrastructural weaknesses that led to a number of operational inefficiencies. I am delighted to announce that we now have the situation well in hand so that such issues as the reconciliation of balances in the accounts are under control, enabling the company to move forward with confidence. Furthermore, we are in the final stages of implementing the new Information Technology (IT) system, PREMIA, that had been announced last year. This new system will not only facilitate the management and marketing of our growing range of products, but will also enable faster and more efficient product development which will give us a competitive edge. We are confident that PREMIA is sophisticated and versatile to meet the demands of a rapidly evolving Islamic financial services industry. Finally, I am pleased to report that Takaful Malaysia has the full complement of key staff members. The lack of key personnel had been an issue plaguing the Company in the past but now, with all hands on deck, we are well-poised to build on the foundations we have painstakingly laid this past year. Now, we look forward to nurturing this progress to ensure that Takaful Malaysia’s transformation remains on track while overcoming the inevitable challenges of the coming year. At the same time, we will continue to strengthen our commitment to growing the Islamic financial industry.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
59
Penyata Pengerusi Chairman’s Statement
TINJAUAN PRESTASI TAHUN INI
THE YEAR IN REVIEW
Tahun lepas menyaksikan ekonomi global mengalami keadaan yang tidak menentu. Krisis yang dicetuskan oleh pinjaman pajakan sub-prima di Amerika Syarikat (AS) telah mengejutkan negara di seluruh dunia. Krisis sub-prima ini mendedahkan kelemahan institusi kewangan AS yang disusuli oleh seluruh sektor kewangan negara-negara membangun. Akibatnya, ekonomi AS mengalami kemelesetan yang memberi kesan serius terhadap ekonomi dunia, khususnya Eropah dan negara-negara membangun. Tabung Kewangan Antarabangsa meramalkan ekonomi dunia tumbuh pada kadar 3.7% bagi tahun 2008, turun daripada 4.9% pada tahun 2007.
This past year has seen the global economy entering a period of great uncertainty. The crisis triggered by sub-prime mortgage lending in the United States (US) jolted economies around the world. The sub-prime crisis revealed profound weaknesses in the US financial institutions that have reverberated throughout the financial sectors of the developed world. As a result, the US economy has entered a recession, seriously affecting the global economy, in particular, Europe and the emerging economies. The International Monetary Fund forecasted a global growth of just 3.7% for 2008, down from 4.9% in 2007.
Pada masa yang sama, peningkatan permintaan daripada negara-negara membangun, khususnya China dan India, telah melonjakkan harga komoditi. Seperti juga negara-negara lain, Malaysia tidak terlepas daripada tekanan inflasi terhadap ekonomi berikutan lonjakan tinggi harga bahan api dan makanan.
At the same time, increasing demand from emerging economies, in particular, China and India, have driven the prices of commodities sky high. Record-breaking fuel and food prices have placed incredible inflationary pressures on economies throughout the world, not just Malaysia.
Faktor ini mengurangkan volum perdagangan dunia, yang seterusnya menjejaskan industri insurans secara keseluruhan. Ekonomi Malaysia pula telah berhadapan – dan terus berhadapan – dengan tempoh ujian selepas Pilihan Raya Umum pada 8 Mac 2008, berikutan perubahan persekitaran politik. Pada masa yang sama, pertumbuhan ekonomi merosot secara beransur-ansur disebabkan oleh peningkatan harga petroleum yang mendorong inflasi. Oleh kerana perniagaan dan individu turut terjejas oleh kemerosotan ini, kuasa membeli mereka juga menjadi amat terhad mengakibatkan ramai yang tinggal hanya dengan pendapatan saraan sahaja dan tiada lebihan untuk pelaburan. Sekali lagi, keadaan ini akan mengecilkan saiz pasaran industri insurans dalam negara, khususnya untuk produk-produk baru di samping kemungkinan tuntutan yang lebih tinggi. Walaupun berhadapan dengan halangan di peringkat antarabangsa dan di dalam negara, industri kewangan Islam terus berkembang dan Malaysia berada pada landasan untuk menjadi pusat kewangan Islam. Sehingga kini, industri ini menjana aset berjumlah RM9.7 bilion dan kadar penembusan 7.2% , pertumbuhan tahunan purata aset dan sumbangan masing-masing pada kadar 27% dan 19% dari tahun 2003 hingga 2007. Industri ini mempunyai lapan syarikat takaful dan tiga pengendali takaful semula, dengan penyertaan luar negeri dari UK, Jerman, Belgium, Jepun dan Emiriah Arab Bersatu (UAE).
60
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
These factors have had the effect of decreasing world trade volume, which in turn has had a detrimental impact on the insurance industry as a whole. Within Malaysia, the economy faced – and continues to face – a period of testing after the General Elections on 8 March 2008, when the political landscape changed. At the same time, economic development gradually stalled due to the increase in petroleum prices which caused unprecedented inflation. As businesses and individuals were equally affected by the downturn, their spending power was severely curtailed leaving many with a subsistence income and nothing to spare for investment. Once again, this will leave the local insurance industry with a significantly smaller market, especially for new products, and greater potential for claims. However, despite these international and domestic hurdles, the Islamic financial industry continues to flourish and Malaysia is on track towards becoming the centre of Islamic finance. To date, the industry boasts total assets worth RM9.7 billion and penetration rate of 7.2%, with an average annual growth rate in assets and net contributions of 27% and 19% respectively, from 2003 to 2007. The industry boasts eight takaful operators and three retakaful operators, with foreign participants from the UK, Germany, Belgium, Japan and United Arab Emirates (UAE).
Penyata Pengerusi Chairman’s Statement
Walaupun ini merupakan perkembangan sihat kepada industri, khususnya dalam tempoh yang tidak menentu ini, ia menampilkan persaingan yang semakin hebat untuk Takaful Malaysia selain persaingan daripada syarikat insurans konvensional. Sungguhpun memperlihatkan pertumbuhan pesat dan mempunyai pasaran belum ditembusi yang sangat luas, namun industri takaful masih kecil berbanding dengan insurans konvensional. Untuk mencapai tahap kepentingan yang lebih ketara dan menikmati penerimaan pasaran yang lebih meluas, industri ini perlu berusaha dengan lebih gigih untuk mendidik orang ramai dan mempertingkatkan kesedaran mereka tentang takaful dan manfaatnya. Takaful Malaysia sedang memperlengkapkan dirinya untuk menghadapi persaingan ini dengan memperkukuhkan pengurusan, mempertingkatkan komitmen kakitangan serta mengambil pelbagai langkah proaktif dan inovatif dari segi pembangunan produk dan juga kualiti perkhidmatan.
While these developments bode well for the health of the industry, especially in these uncertain times, they present Takaful Malaysia with increased competition in addition to the competition posed by conventional insurers. However, despite the rapid growth and the huge untapped market, the takaful industry is still small relative to the conventional insurance industry. In order to be of greater significance and enjoy wider market acceptance, the industry will have to make more effort to educate the public and increase their awareness of takaful and its benefits. Takaful Malaysia is in the process of girding itself to face this competition squarely by strengthening management, boosting staff commitment, and taking proactive and innovative steps in terms of product development and service quality. NURTURING PROGRESS
MEMUPUK KEMAJUAN Pada tahun sebelumnya, Takaful Malaysia telah meletakkan asasnya untuk mencapai pertumbuhan masa depan. Pada tahun ini, kami memfokus untuk memupuk pertumbuhan. Strategi kami sentiasa memberi penekanan untuk menawarkan produk yang menyediakan daya tarikan yang luas. Sepertimana yang saya sebut sebelum ini, sistem IT baru kami yang menyeluruh telah mengukuhkan keupayaan pengurusan, pemasaran dan pembangunan produk kami. Kami juga telah menyalurkan ke dalam Syarikat tenaga, bakat dan wawasan baru ke dalam semua jawatan penting. Inisiatif strategik saling melengkapi ini penting untuk memastikan pertumbuhan berterusan kami kerana kami mengutamakan penciptaan inovasi, pembangunan produk dan perkhidmatan baru yang relevan bagi memenuhi permintaan pasaran yang semakin pelbagai dan canggih. Strategi pertumbuhan kami juga memerlukan kami menghadapi risiko secara berani sama ada dengan menanganinya atau merebut peluang yang tersedia. Sehubungan itu, kami telah mengukuhkan keupayaan pengurusan risiko kami dengan melaksanakan pengurusan risiko perniagaan (ERM). Ini merupakan satu langkah tepat kerana banyak organisasi kompleks beralih kepada ERM untuk memahami dan menangani spektrum risiko yang luas. ERM menyatukan konsep perancangan strategik, pengurusan operasi dan kawalan dalaman.
The previous year saw Takaful Malaysia laying the foundations for future growth. This year, we focused on nurturing this growth. Our strategy has always been to offer products that have wide appeal. As I mentioned earlier, our new comprehensive IT system has strengthened our management, marketing and product development capabilities. We have also infused the Company with new blood, talent and vision in all the key positions. These complementary strategic initiatives are critical to our continued growth as our priority is to innovate, developing new, relevant products and services that address the increasingly varied and sophisticated demands of the market. Our growth strategy also requires us to face risk squarely either by managing it or seizing the opportunities it presents. To this end, we have strengthened our risk management capabilities by implementing Enterprise Risk Management (ERM). This is a timely move as many complex organizations are turning to ERM to understand and manage the broad spectrum of risks. ERM integrates concepts of strategic planning, operations management and internal control.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
61
Penyata Pengerusi Chairman’s Statement
Pada tahun ini juga Takaful Malaysia melancarkan langkah menepati saiz operasi kami. Langkah ini membolehkan kami merasionalisasi rangkaian cawangan kami daripada 122 cawangan kepada 87 cawangan pada 30 September 2008. Dengan berbuat demikian, kami turut menimbang kemampuan setiap cawangan untuk berdikari dari segi kewangan. Pada masa depan, kriteria yang lebih ketat akan dikenakan bagi memastikan cawangan baru menjadi pusat keuntungan serta duta berkesan jenama Takaful Malaysia.
This year also saw Takaful Malaysia embarking on an exercise to right-size our operations. This exercise has enabled us to rationalize our branch network from 122 branches to 87 as at 30 September 2008. In doing so, we considered the ability of each branch to be self-financing. In future, more stringent criteria will be imposed to ensure that new branches are profit centres as well as effective ambassadors of the Takaful Malaysia brand.
Bahagian kedua strategi penentuan saiz tepat kami adalah untuk memanfaatkan infrastruktur kumpulan BIMB Holdings bagi menyediakan saluran kepada produk dan perkhidmatan kami. Bagi memenuhi matlamat ini, kami akan mewujudkan kaunter Takaful di cawangan Bank Islam dan Tabung Haji di seluruh Malaysia. Ia merupakan satu pendekatan yang memanfaatkan semua pihak terlibat kerana produk kami akan boleh diakses kepada lebih ramai audiens, sementara Bank Islam dan Tabung Haji pula akan mampu menawarkan pelbagai jenis produk. Pelanggan kami, khususnya akan mendapat manfaat daripada peningkatan akses produk Takaful Malaysia daripada lebih 200 saluran di seluruh Malaysia.
The second part of the right-sizing strategy is to leverage on the BIMB Holdings’ group infrastructure to provide outlets for our products and services. To this end, we will be establishing Takaful counters in Bank Islam and Tabung Haji branches throughout Malaysia. It is a win-win situation for all parties concerned as our products will be accessible to a much wider audience, while both Bank Islam and Tabung Haji will be able to offer an expanded range of products. Most important of all, our customers will benefit from the increased accessibility of Takaful Malaysia products from more than 200 outlets throughout Malaysia.
Kami juga telah menggerakkan inisiatif untuk memupuk budaya akauntabiliti dalam Syarikat. Kami telah memulakan penyemakan Prosedur Operasi Piawai (SOP) kami yang digunakan untuk mengendali operasi dan risiko. SOP bukan hanya akan menyediakan garis panduan operasi, malah rangka kerja perlakuan untuk mempertingkatkan motivasi kakitangan dan komitmen profesional.
We have also set in motion initiatives to inculcate a culture of accountability in the Company. We have initiated a revision of our Standard Operating Procedures (SOP) used in managing operations and risks. The SOP will not only provide operational guidelines for the entire organization but also a framework of conduct to boost staff motivation and professional commitment.
Jabatan Sumber Manusia kami amat proaktif sepanjang tahun lepas. Kami telah mencapai puncak cabaran untuk mengekalkan bakat kakitangan serta pada masa yang sama menarik bakat baru ke dalam Syarikat. Pada tahun lepas, ganjaran pengurus cawangan telah disemak semula. Kami juga telah melancarkan kaji selidik struktur gaji seluruh industri yang merupakan kajian ukur rujuk mengenai aplikasi KPI kepada skim gaji. Kami berharap ia akan merintis pengwujudan persekitaran kerja yang menggalakkan serta memberi ganjaran berdasarkan prestasi serta kemajuan diri. Secara keseluruhan, semua inisiatif ini memberi kesan positif kepada semangat dan hasilnya kami mendapati komitmen di semua peringkat telah meningkat lebih tinggi.
62
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Our Human Resource Department has been extremely proactive over the past year. We have risen to the perennial challenges of retaining staff talent while attracting new talent to the Company. This past year has also seen a review of the remuneration for branch managers. We have also embarked on an industry-wide salary structure survey, which is a benchmark study on the application of KPI to salary schemes. We hope this will lead to a work environment that encourages and rewards performance as well as self-improvement. Overall, these initiatives have had a positive impact on morale and we have seen greater commitment at all levels.
Penyata Pengerusi Chairman’s Statement
TINJAUAN KEWANGAN KUMPULAN PRESTASI KUMPULAN
GROUP FINANCIAL OVERVIEW GROUP PERFORMANCE
Kumpulan terus mencatatkan pertumbuhan prestasi yang menggalakkan pada tahun kewangan berakhir 30 Jun 2008. Jumlah aset Kumpulan meningkat sebanyak 16% kepada RM4.0 bilion pada akhir tahun kewangan ini berbanding RM3.5 bilion pada tahun sebelumnya. Pulangan atas Ekuiti Pemegang Saham (PEPS) bersih berkurangan sedikit kepada 7.3% pada tahun kewangan ini berbanding 7.6% pada tahun lepas.
The Group continued to register favourable growth in performance for the financial year ended 30 June 2008. Total assets of the Group increased by 16% to RM4.0 billion as at the end of the financial year, compared to RM3.5 billion the previous year. Return on Shareholders’ Equity (Net ROE) slightly dropped to 7.3% financial year from 7.6% last year.
Pertumbuhan terbit daripada peningkatan hasil operasi sebanyak 6.1% kepada RM1,121.7 juta, berbanding RM1,057.0 juta yang dicapai pada tahun kewangan sebelumnya. Peningkatan pendapatan pelaburan sebanyak 18.1%, sebahagian besarnya daripada Takaful Malaysia, mendorong peningkatan prestasi keseluruhan pada tahun ini. Peningkatan dalam sumbangan kasar yang disebabkan oleh penyusunan semula strategi pada kelas perniagaan Takaful Keluarga yang tidak menguntungkan oleh Takaful Malaysia, sementara syarikat subsidiarinya di Indonesia, Syarikat Takaful Indonesia (Takaful Indonesia), mencatatkan peningkatan dua kali ganda dalam sumbangan kasar.
The growth emanated from the 6.1% increase in operating revenue to RM1,121.7 million, compared to RM1,057.0 million achieved in the last financial year. Increase in investment income of 18.1%, largely from Takaful Malaysia, has contributed to overall better profit performance this year. The improvement in gross contribution resulted from the realignment of strategy on non-profitable classes of Family Takaful by Takaful Malaysia, while on the other hand its Indonesian subsidiary, Syarikat Takaful Indonesia (Takaful Indonesia), experienced a two-fold increase in gross contribution.
Berdasarkan perkara di atas, Keuntungan Sebelum Cukai (KSC) bagi tahun kewangan berakhir 30 Jun 2008, meningkat dengan ketara kepada RM33.8 juta berbanding RM21.6 juta pada tahun kewangan sebelumnya. Ia dicapai walaupun peruntukan sebanyak RM20.3 juta disediakan bagi kemerosotan nilai aset yang dipegang untuk jualan berkaitan syarikat subsidiari yang hendak dijual itu yang telah diambilkira dalam keputusan kumpulan. Jika tidak dimasukkan peruntukan ini, KSC yang dicapai mungkin berjumlah RM54.1 juta, dua kali ganda daripada pencapaian pada tahun kewangan sebelumnya. Prestasi menggalakkan yang dicapai melalui pindahan lebih tinggi daripada perniagaan Takaful Am dan pendapatan operasi lain yang lebih tinggi daripada yuran wakalah yang diperoleh sebahagian besar oleh Takaful Indonesia. Ini membantu membendung kesan perbelanjaan operasi lain yang lebih tinggi sebanyak 45% (tidak termasuk peruntukan bagi kemerosotan nilai aset yang disebut terdahulu). Namun, perbelanjaan pengurusan telah dikurangkan sebanyak 2.2%. Pemberhentian operasi daripada Asean Retakaful International (L) Ltd (ARIL) yang sedang dalam proses penjualan menanggung kerugian selepas cukai sebanyak RM0.94 juta. Ini merupakan pengurangan prestasi daripada keuntungan selepas cukai sebanyak RM5.84 juta pada tahun kewangan sebelumnya.
Arising from the above, Profit Before Taxation (PBT) for the financial year ended 30 June 2008, significantly increased to RM33.8 million compared to RM21.6 million in the previous financial year. This was achieved in spite of a RM20.3 million provision for impairment of asset held for sale made in respect of the subsidiary to be disposed, which had been accounted for in the group results. Excluding this provision, PBT would have been RM54.1 million, doubling the achievement of the previous financial year. The favourable performance was achieved on the back of higher transfer from General Takaful business and higher other operating income from wakalah fees earned largely by Takaful Indonesia. This helped to cushion the impact of higher other operating expenses of 45% (excluding provision for impairment of asset mentioned earlier). The management expenses however, reduced slightly by 2.2%. Discontinued operation from Asean Retakaful International (L) Ltd (ARIL) which was in the process of disposal, incurred a loss after tax of RM0.94 million. This was a reduction in performance from profit after tax of RM5.84 million for the last financial year.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
63
Penyata Pengerusi Chairman’s Statement
PRESTASI SYARIKAT
COMPANY PERFORMANCE
Pada tahun kewangan berakhir 30 Jun 2008, Takaful Malaysia mencatatkan Hasil Operasi sebanyak RM927.7 juta, meningkat sedikit 1.6% berbanding pencapaian pada tahun sebelumnya. Ini disebabkan terutamanya oleh penjajaran semula strategi kelas perniagaan bukan Takaful Am yang tidak menguntungkan, menyebabkan sumbangan kasar perniagaan Takaful Am susut sebanyak 36.9% kerana persaingan yang bertambah hebat daripada para pesaing takaful dan insurans konvensional.
For the financial year ended 30 June 2008, Takaful Malaysia recorded an Operating Revenue of RM927.7million, a slight improvement of 1.6% compared to the previous financial year. This mainly resulted from the realignment of strategy on nonprofitable classes of General Takaful business, resulting in gross contribution from the General Takaful business declining by 36.9% amidst a more intense competition from both takaful and conventional insurance players.
Sementara itu, Takaful Keluarga mencatatkan pertumbuhan sebanyak 12.6%, disebabkan terutamanya produk berkaitan pelaburan (ILP) yang baru dilancarkan, Takaful myAl-Afdhal yang menyumbang RM90.2 juta pendapatan. Sebagai ILP pertama Takaful Malaysia, dana ini memberikan keceriaan kepada sumbangan kasar produk berprestasi tinggi yang lembab kerana tumpuan lebih luas akan diberikan untuk menyatu dan mengukuh kedudukan jangka panjang kami yang melibatkan penyemakan semula campuran produk kami, pembinaan infrastruktur dan penyusunan semula proses perniagaan. Aktiviti pelaburan Takaful Malaysia menunjukkan peningkatan ketara berbanding pada tahun kewangan sebelumnya. Berikutan peruntukan aset strategik dan taktikal bertambah baik yang diamalkan pada tahun ini, jumlah pendapatan pelaburan Kumpulan Wang Pemegang Saham melonjak 117.0% kepada RM13.5 juta. Secara keseluruhan, hasil pelaburan bersih tumbuh sebanyak 123 mata berbanding pada tahun sebelumnya. Ini membantu mengurangkan keseluruhan kekurangan hasil operasi yang dialami. Di antara kumpulan wang seperti Keluarga, Am dan Pemegang Saham, peningkatan ketara dalam pendapatan pelaburan boleh dilihat daripada tiga kelas aset utama, iaitu ekuiti, bon Islam dan hartanah. Portfolio ekuiti mencatatkan peningkatan ketara, merekodkan pertambahan pendapatan pelaburan bersih sebanyak 86% kepada RM38.9 juta, daripada RM20.9 juta mengikut perbandingan dari tahun ke tahun, di mana pulangan direalisasi meningkat 19.6% berbanding dengan 10.3% pada tahun sebelumnya. Pada masa yang sama, pendapatan bersih daripada bon Islam meningkat 23% kepada RM74.3 juta, mencatatkan hasil pelaburan 6.8%. Ia merupakan peningkatan sebanyak 38 mata asas berbanding pada tahun kewangan sebelumnya. Pendapatan daripada hartanah meningkat sekali ganda berbanding pada tahun kewangan sebelumnya, disebabkan oleh pasaran hartanah yang menggalakkan, membolehkan pertambahan sekali ganda nilai pasaran yang diiktiraf sebagai pendapatan di bawah perakaunan saksama. Ini menggambarkan pertambahan pulangan keseluruhan ke atas hartanah pelaburan kepada 11.0% berbanding 4.8% mengikut perbandingan dari tahun ke tahun.
64
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
On the other hand, the Family Takaful business recorded a growth of 12.6%, mainly attributed to the newly launched Investment-Linked Product (ILP), Takaful myAl-Afdhal which accounted for RM90.2 million in contribution income. As Takaful Malaysia’s first ILP, the fund provided the cheer in an overall subdued top-line performance in gross contribution, as more focus was put on consolidating and strengthening our longer term position with respect to reviewing our product mix, infrastructure building and business process re-engineering. The investment activities of Takaful Malaysia have shown significant improvement as compared to the last financial year. As a result of improved strategic and tactical asset allocation adopted during the year, total investment income for Shareholders’ Fund grew by 117.0% to RM13.5 million. Overall net investment yield increased by 123 points compared to the previous year. This helped to mitigate the overall shortfall in operating revenue. Across all funds, i.e. Family, General and Shareholders’ Fund, the significant improvement in investment income can be seen from three major asset classes, i.e. equity, Islamic bonds and property. The equity portfolio recorded a marked improvement, registering an increase in net investment income of 86% to RM38.9 million from RM20.9 million year-on-year, where the realized return rose 19.6% compared to 10.3% in the previous year. Similarly, net income from Islamic bonds rose 23% to RM74.3 million, registering an investment yield of 6.8%, an improvement by 38 basis points as compared to the last financial year. Income from property doubled from the previous financial year, driven by an encouraging property market, enabling the increase in market value to be recognized as income under fair value accounting. This translated into an increase in overall return on investment properties to 11.0% from 4.8% year-onyear.
Penyata Pengerusi Chairman’s Statement
Keuntungan Sebelum Cukai (KSC) Takaful Malaysia melonjak kepada RM42.6 juta, mencatatkan pertumbuhan ketara 197% atau RM28.2 juta berbanding RM14.4 juta yang dicapai pada tahun kewangan sebelumnya. Pertambahan KSC adalah disebabkan terutamanya oleh pendapatan pelaburan daripada Dana Pemegang Saham yang meningkat lebih 100% daripada pencapaian tahun lepas, pindahan lebih tinggi daripada Dana Takaful Am serta yuran wakalah baru daipada Dana Keluarga. Bagi perbelanjaan pula, lain-lain perbelanjaan operasi telah meningkat 23.6% berikutan penurunan nilai pelaburan ARIL berjumlah RM8.5 juta. Jika tidak dimasukkan peruntukan ini, KSC daripada operasi biasa yang dicatatkan adalah berjumlah RM51.1 juta, paling tinggi pernah dicatat dalam sejarah Takaful Malaysia. Selaras dengan penjajaran semula strategi untuk memindahkan kelas tidak menguntungkan, perniagaan Takaful Am mencatatkan prestasi menggalakkan pada tahun kewangan ini. Di samping itu, beberapa langkah yang diambil untuk mempertingkatkan tahap produktiviti dan kecekapan operasi telah mengakibatkan pengurangan 40.1% dalam perbelanjaan tuntutan bersih yang ditanggung dan 70.6% bagi perbelanjaan hutang lapuk. Selain itu, peningkatan 45.4% pendapatan pelaburan bersih menyumbangkan pertambahan dalam pindahan kepada Dana Pemegang Saham sebanyak 56% kepada RM59.9 juta berbanding RM38.4 juta pada tahun lepas.
Profit Before Taxation (PBT) of Takaful Malaysia surged to RM42.6 million, registering a significant growth of 197% or RM28.2 million against RM14.4 million achieved in the previous financial year. The increase in PBT was mainly attributed to investment income from Shareholders’ Fund which is more than 100% increase than that of last year, higher transfer from the General Takaful Fund as well as new wakalah fees from the Family Fund. On the expense side, management expenses were contained at the previous year’s level. The other operating expenses increased by 23.6% as a result of the diminution in value of investment in aril of RM8.5 million. Excluding this provision, PBT from normal operations would have recorded RM51.1 million, the highest ever in the history of Takaful Malaysia. In tandem with the realignment strategy to move out of nonprofitable 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 and bad debt expense by 40.1% and 70.6% respectively. In addition, a 45.4% higher net investment income contributed to the higher transfer to Shareholders’ Funds by 56% to RM59.9 million from RM38.4 million last year.
Bahagian keuntungan peserta Takaful Am pada tahun ini juga melaporkan pertambahan ketara dengan mencatatkan keuntungan berjumlah RM35.8 juta berbanding kerugian RM16.2 juta pada tahun lepas. Pemulihan ini membolehkan Takaful Malaysia membayar mudharabah kepada para peserta layak, mulai bulan April 2007.
General Takaful participants’ share of profit for the year also reported a significant increase, registering RM35.8 million from a loss of RM16.2 million last year. This turnaround had enabled Takaful Malaysia to pay mudharabah to eligible participants, beginning April 2007.
Perniagaan Takaful Keluarga mampu dikekalkan pada paras yang hampir sama pada tahun sebelumnya, dengan mencatatkan pengurangan kecil sebanyak 5.0% dalam pindahan kepada Dana Pemegang Saham.
The Family Takaful business was maintained at about the same level as the previous year, recording a decrease of 5.0% in transfers to Shareholders’ Fund.
MAKLUMAT OPERASI
OPERATIONAL HIGHLIGHTS
Kejayaan pelancaran produk berkaitan pelaburan pertama kami, Takaful myAl-Afdhal menyumbang sebanyak RM90.2 juta kepada pertumbuhan top-line Takaful Malaysia, dalam tempoh hanya 45 hari sahaja. Sambutan menggalakkan ini menunjukkan pelabur awam yakin dan percaya terhadap produk pelaburan lindung modal Takaful Malaysia yang menawarkan potensi lebih tinggi nilainya di mana ia disertakan dengan perlindungan Takaful.
The successful launch of our first Investment-Linked Product, Takaful myAl-Afdhal had contributed RM90.2 million to the top-line growth of Takaful Malaysia, within just 45 days. This encouraging response indicated the level of confidence and trust shown by the investing public towards Takaful Malaysia’s capital protected investment product that offers upside potential, with embedded Takaful protection.
Kami mencatat satu lagi pencapaian penting dalam pelaksanaan sistem teras kami berikutan kejayaan pelancaran Sistem Takaful
We achieved another major milestone in our core system implementation with the successful launch of the new PREMIA
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
65
Penyata Pengerusi Chairman’s Statement
PREMIA yang baru untuk perniagaan Takaful Am pada bulan Disember 2007. Bagi Takaful Keluarga pula, PREMIA telah bersedia sejak pelancaran Takaful myAl-Afdhal lagi. Ia turut menyediakan MRTA baru untuk kakitangan kerajaan, iaitu Pelan Takaful Keluarga Kumpulan yang dipertingkatkan serta Takaful Ma’asyi Kumpulan yang disemak semula.
Takaful System for General Takaful business in December 2007. For Family Takaful, PREMIA was ready at the onset of Takaful myAl-Afdhal’s launch. It also caters for the new MRTA scheme for government servants, the enhanced Group Family Takaful Plan and the revised Group Takaful Ma’asyi.
Di samping langkah penyatuan cawangan yang memanfaatkan sinergi Kumpulan BIMB, usaha pemasaran kami termasuk peningkatan model Bancatakaful dengan Bank Islam serta penambahbaikan saluran jualan dan pengedaran kami untuk rangkaian agensi korporat dan runcit. Kami juga telah menambahbaik penyampaian perkhidmatan pelanggan serta melaksanakan pelbagai program pengukuhan nilai pelanggan. Semua strategi ini melengkapi strategi pemasaran berstruktur serta mengaktifkan semula pembayaran mudharabah, selaras dengan tahap keuntungan yang lebih baik. Antara peningkatan proses operasi yang telah menyumbang kepada penyampaian perkhidmatan yang bertambah baik adalah pemusatan pengunderaitan dan pengeluaran sijil serta pencarian sumber luar percetakan sijil untuk Takaful Am.
In addition to the branch consolidation exercise which includes leveraging on the BIMB Group synergy, our marketing efforts included the enhancement of Bancatakaful model with Bank Islam and the refinement of our sales and distribution channels for both corporate agency network and retail. We also improved customer service delivery and implemented customer enrichment programs. These strategies complemented the structured marketing strategy as well as the re-activation of mudharabah payment, in line with better profitability. Among the enhancement of operational processes that contributed to improved service delivery were centralization of underwriting and certificates issuance as well as outsourcing of certificates printing for General Takaful.
Kumpulan Syarikat Takaful Malaysia sedang menjalani penyusunan semula berikutan cadangan penjualan pelaburan penyertaan ekuiti dalam Asean Retakaful International (L) Ltd (ARIL). Penjualan pelaburan ARIL ini adalah selaras dengan orientasi semula penampilan imej Takaful Malaysia untuk memfokus kepada perniagaan Takaful secara langsung dan penglibatan ke dalam perniagaan Retakaful melalui sebuah syarikat subsidiari secara strategik sebenarnya adalah tidak berkesan. Kini, cadangan tersebut adalah dalam peringkat rundingan dengan para pembeli potensi dan jangka waktu penyelesaiannya adalah tertakluk kepada kelulusan para pemegang saham ARIL dan pihak berkuasa. Pengumuman sewajarnya kepada Bursa Malaysia akan dilakukan selepas menandatangani perjanjian jual beli.
Syarikat Takaful Malaysia Group is undergoing a restructuring, with the proposed divestment of its equity participation in Asean Retakaful International (L) Ltd (ARIL). The divestment of ARIL is in line with the reorientation of Takaful Malaysia’s positioning to focus on direct Takaful business and the fact that involvement in Retakaful business via a subsidiary is not strategically effective. The proposal is currently at negotiation stage with potential buyers, and the timeline for completion is subject to ARIL’s shareholders’ and regulatory approvals. The appropriate announcement to Bursa Malaysia will be made in due course upon signing of the sale and purchase agreement.
TINJAUAN SYARIKAT SUBSIDIARI – KUMPULAN SYARIKAT TAKAFUL INDONESIA
REVIEW OF SUBSIDIARY – SYARIKAT TAKAFUL INDONESIA GROUP
Walaupun dilanda pergolakan di pasaran Indonesia pada tahun lepas, namun ekonomi kekal cergas bagi keseluruhan tahun 2007. Pertumbuhan ekonomi 6.30% berjaya dicapai dan walaupun kadar inflasi melambung kepada 6.59%, namun kadar pertukaran Rupiah kekal mantap pada akhir tahun 2007 iaitu pada kadar IDR9,419 berbanding US$1.
Despite some turbulence in the Indonesian market last year, the economy remained buoyant for the whole of 2007. The economic growth was recorded at 6.30% and although the inflation rate soared to 6.59%, the exchange rate of Rupiah remained steady at the end of 2007 at IDR9,419 against US$1.
Walau bagaimanapun, peralihan ketara pergerakan ekonomi berlaku pada tempoh setengah tahun pertama 2008 apabila kerajaan memutuskan untuk menaikkan harga minyak selaras dengan kenaikan harga minyak global. Ini menyebabkan pertumbuhan ekonomi Indonesia susut sebanyak 0.4% selepas itu, sementara kadar inflasi meningkat kepada 7.4%.
However, the first half of 2008 saw some dramatic shifts in the economy when the government decided to increase the oil price in line with the global price hike. The Indonesian economic growth subsequently declined by 0.4% while the inflation rate increased to 7.4%.
66
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Penyata Pengerusi Chairman’s Statement
Sungguhpun dilanda keadaan ekonomi tidak menentu, industri insurans Syariah terus kekal berdaya saing. Takaful Indonesia, yang merupakan kumpulan insurans Syariah terbesar juga kekal mantap walaupun berhadapan dengan keadaan pasaran yang sentiasa mencabar. Pada akhir Jun 2008, Takaful Indonesia mampu merekodkan hasil mengkagumkan sebanyak IDR459.87 bilion, peningkatan sebanyak 46.7% berbanding IDR313.41 bilion yang dicapai pada tahun sebelumnya.
Despite the economic uncertainty, the Shariah insurance industry continued to remain competitive. Takaful Indonesia, being the biggest Shariah insurance group, also remained resilient in the face of an ever-challenging market. At the end of June 2008, Takaful Indonesia was able to record an impressive revenue of IDR459.87 billion, an increase of 46.7% from IDR313.41 billion in revenue recorded the previous year.
PertumbuhanTakaful Indonesia juga disebabkan oleh keteguhan prestasi dua syarikat subsidiarinya, PT Asuransi Takaful Keluarga (ATK), yang terlibat dalam perniagaan Takaful Keluarga dan PT Asuransi Takaful Umum (ATU), yang terlibat dalam perniagaan Takaful Am. Sumbangan kasar ATK meningkat dengan ketara iaitu 54.3% pada tahun ini, mencatatkan hasil sebanyak IDR312.65 bilion pada tahun ini berbanding IDR202.63 bilion pada tahun lepas. Sementara itu, ATU mencatatkan peningkatan hasil sebanyak 38.8%, daripada IDR81.13 bilion pada tahun 2007 kepada IDR112.60 bilion pada tahun 2008. Pendapatan pelaburan juga menurun sebanyak 2.4% kepada IDR35.68 bilion berbanding IDR1.07 bilion sebelumnya.
The growth of Takaful Indonesia is also attributed to the strong performances of its two subsidiary companies, PT Asuransi Takaful Keluarga (ATK), which is involved in Family Takaful, and PT Asuransi Takaful Umum (ATU), which is involved in General Takaful business. ATK’s gross contribution increased significantly by 54.3% this year, recording IDR312.65 billion in revenue as compared to IDR202.63 billion last year. Meanwhile, ATU recorded an increase of 38.8% in revenue, from IDR81.13 billion in 2007 to IDR112.60 billion in 2008. Investment income decreased by 2.4% to IDR1.04 billion compared to IDR1.07 billion previously.
Pencapaian ini berjaya dicatatkan hasil beberapa langkah yang diambil oleh Takaful Indonesia, iaitu strategi yang saling melengkapi pembangunan pasaran Syariah. Takaful Indonesia menjalankan usaha berterusan dalam inovasi produk dan sentiasa menyediakan perkhidmatan yang cemerlang bagi memenuhi permintaan pelanggan yang semakin kompleks. Dalam usahanya untuk meluaskan lagi bahagian pasaran, syarikat kekal kreatif menawarkan pelbagai produk yang mematuhi hukum Syariah dan menarik. Ini termasuk memberi nafas baru kepada produknya yang bertaraf bintang seperti Takaful Baituna, Takaful Abror, Takafulink dan pelbagai produk lain yang mendapat sambutan baik.
These achievements are attributable to several measures taken by Takaful Indonesia, namely the internal strategies which complemented the development of the Shariah market. Takaful Indonesia continuously engages in product innovation and ceaselessly provides excellent services to meet the increased complexity of customer demands. In its effort to capture increased market share, the company remains creative in offering products that are both Shariah-compliant and attractive. These include revitalizing its existing star products such as Takaful Baituna, Takaful Abror, Takafulink and other well-received products.
Selain itu, Takaful Indonesia juga telah memasuki beberapa saluran pengedaran alternatif untuk mencapai tahap liputan pasaran dan pelanggan yang lebih luas. Ia meneruskan usaha meluaskan rangkaian pasarannya dengan meningkatkan bilangan ejen sementara pada masa yang sama, membangunkan permuafakatan dengan beberapa rakan perniagaan lain melalui penjenamaan bersama seperti bank, badan agama, perkhidmatan pos milik negara, syarikat telekomunikasi dan lain-lain.
In addition, Takaful Indonesia also ventured into alternative distribution channels to cater to the wider market and customer reach. It continued to expand market network by increasing the number of agents while simultaneously developing collaboration with other business partners through product cobranding such as banks, religious bodies, state-owned postal service, telecommunication companies, etc.
Menyedari tentang kepentingan modal insan sebagai aset syarikat yang terbesar dan paling penting,Takaful Indonesia menjalankan latihan bersepadu dan intensif untuk mempertingkatkan lagi tahap profesionalisma modal insannya. Pasukan pemasaran khasnya, MDRT (Million Dollar Round Table) telah dilatih mengenai cara-cara untuk mengendali pelanggan potensi dan ini membolehkan ATK 2008 mencatatkan
Recognizing the importance of human capital as the biggest and most important asset of the company, Takaful Indonesia undertakes a series of integrated and intensive training to further develop its human capital professionalism. A special marketing team, the MDRT (Million Dollar Round Table) has been trained on ways to handle potential customers and, as a result, in 2008 ATK registered two more new agents as members of the
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
67
Penyata Pengerusi Chairman’s Statement
dua lagi ejen baru sebagai ahli Kelab MDRT, sebuah badan yang diiktiraf di peringkat antarabangsa, berasaskan kepada pencapaian luarbiasa dalam sumbangan kasar. Sumbangan Takaful Indonesia kepada pembangunan insurans Syariah serta pertumbuhan keseluruhan industri insurans Indonesia, telah mendapat perhatian. Prestasi cemerlangnya mendapat pengiktirafan industri seperti yang digambarkan melalui pelbagai anugerah Takaful Indonesia yang diterima pada tahun 2008. Antara anugerah tersebut termasuk “Insurans Syariah Terbaik” dengan aset berjumlah 50-100 bilion, bagi ATK daripada Infobank Magazine, dua anugerah daripada Karim Business Consulting, “Insurans Hayat Islam Paling Utama Dalam Ingatan” bagi ATK dan “Insurans Am Islam Paling Utama Dalam Ingatan” bagi ATU. Insurance Media turut memberikan kami anugerah Insurans Hayat Ketiga Terbaik ATK dan Insurans Am Kedua Terbaik ATU. Sebagai langkah menuju ke hadapan, Takaful Indonesia telah merancang beberapa inisiatif strategik untuk mempertingkatkan lagi sinergi antara takaful keluarga dan am untuk menembusi pasaran secara agresif. Sistem IT akan diseragamkan dan dipertingkatkan dengan membangunkan sebuah sistem teras baru yang akan selaras dengan peluasan perniagaan masa depan Takaful Indonesia. Organisasi perniagaan akan dipermudah supaya dapat menyokong program Pengurangan Kos Perniagaan (ECR) syarikat. Kami yakin bahawa ini akan melonjakkan kedudukan kami dalam usaha berterusan kami mempelopori industri insurans Syariah di Indonesia.
MDRT Club, an internationally recognized body, based on their outstanding achievement in gross contributions. Takaful Indonesia’s contributions to the development of the Shariah insurance and to the growth of the overall Indonesian insurance industry as a whole, has certainly not gone unnoticed. Its excellent performance was aptly recognized by the industry, reflected by the many awards Takaful Indonesia received in 2008. Among the awards are “The Best Shariah Insurance” with asset of 50-100 billion, for ATK from Infobank Magazine, two awards from Karim Business Consulting, “Top of Mind Islamic Life Insurance” for ATK and “Top of Mind Islamic General Insurance” for ATU. Insurance Media also awarded ATK the 3rd Best Life Insurance and ATU as the 2nd Best General Insurance. Moving forward, Takaful Indonesia has planned strategic initiatives to further boost the synergy between family and general takaful in order to aggressively penetrate the market. The IT systems will be standardized and enhanced by developing a new core system, which will be in line with Takaful Indonesia’s future business expansion. Business organization will be simplified so as to support the company’s Enterprise Cost Reduction (ECR) program. We are confident that this will bring us to greater heights as we continue to lead the way in the Shariah insurance industry in Indonesia. Shariah ACTIVITIES
AKTIVITI Syariah Tahun ini menampilkan perubahan ketara dalam pembangunan produk yang melibatkan pelancaran produk baru, myAlAfdhal dan beberapa peningkatan ke atas produk sedia ada. Pasukan kerja Syariah kami memainkan peranan penting dan aktif bagi menyokong pelbagai aktiviti pembangunan produk untuk menyemak pelbagai kontrak, perjanjian/Aqad serta menyediakan khidmat nasihat dan rundingan. Sebagai penjaga tabung Zakat, Tanggungjawab Sosial Korporat (CSR) kekal sebagai fungsi utama pasukan Syariah kami.
The year witnessed a dramatic change in product development with a new product launch, myAl-Afdhal and numerous enhancements on existing products. Our Shariah team played a crucial and active role in support of our product development activities, in reviewing various contracts, agreements/Aqads and provided Shariah advisory and consultation. As custodians of our Zakat funds, Corporate Social Responsibility (CSR) remains a primary function for our Shariah team.
TANGGUNGJAWAB SOSIAL KORPORAT (CSR)
CORPORATE SOCIAL RESPONSIBILITY (CSR)
Sebagai sebuah syarikat berkaitan kerajaan (GLC), Takaful Malaysia komited terhadap objektif tanggungjawab sosial korporat (CSR) sepertimana yang digariskan dalam Buku Perak, iaitu prinsip dan garis panduan yang akan dilaksanakan oleh GLC supaya mereka boleh menyumbang secara proaktif kepada masyarakat dan pada masa yang sama, menerbitkan nilai untuk para pemegang saham mereka. Selaras dengan keperluan Buku Perak, kami bertekad untuk menyumbang kepada masyarakat
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
68
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Penyata Pengerusi Chairman’s Statement
dengan cara yang paling cekap dan berkesan, sejajar dengan norma industri dan amalan terbaik serta rangka kerja pihak berkuasa berkaitan. Takaful Malaysia adalah peserta aktif dalam program sekolah rendah angkat PINTAR yang diterajui oleh Khazanah Malaysia, melibatkan beberapa GLC. Di bawah program perintis PINTAR, kami mengambil Sekolah Rendah Permatang Binjai di Kepala Batas, Pulau Pinang sebagai sekolah angkat pada tahun 2007, bagi menjalankan tanggungjawab menyediakan bantuan kewangan dan pelbagai bantuan lain untuk mempertingkatkan tahap prestasi akademik sekolah tersebut. Sehingga kini, Takaful Malaysia telah menaja pembelian buku latihan untuk pelajar Tahun 4, 5 dan 6. Kami turut menganjur sebuah program motivasi untuk para pelajar tersebut dengan memfokus kepada para pelajar yang menduduki peperiksaan UPSR. Secara keseluruhan, program PINTAR yang melibatkan beberapa sekolah rendah di Pulau Pinang telah menampilkan hasil yang luarbiasa. Kami berharap akan dapat membina asas daripada program pendidikan ini yang akan memanfaatkan pelajar tersebut dalam jangkamasa panjang. Sebagai sebuah syarikat pengendali takaful, kami menyumbang kepada pelbagai organisasi kebajikan dan untuk pelbagai amalan kebajikan daripada tabung zakat kami. Pada tahun 2008, kami menyumbang kepada beberapa rumah anak-anak yatim terpilih di Wilayah Persekutuan Kuala Lumpur, Perak, Selangor dan Terengganu serta menyumbang kepada pelajar yang kurang bernasib baik di beberapa sekolah khusus. Pada bulan Jun 2008,Takaful Malaysia menyumbang sejumlah RM19, 000 kepada 38 asnaf, di bawah naungan Mini Baitulmal, Hulu Langat, Selangor di satu majlis pembayaran zakat. Kami turut menghulurkan bantuan kepada mangsa banjir di Johor dan Pahang. Keluarga di beberapa kampung yang terjejas di Johor menerima RM500 setiap keluarga melalui tabung zakat syarikat. Di Pahang, Takaful Malaysia menderma 600 kotak yang berisi pelbagai keperluan asas, termasuk gula, beras, makanan dalam tin dan lain-lain. SUASANA MASA DEPAN Takaful Malaysia bertekad untuk mendapatkan semula kedudukan sebagai peneraju di pasaran insurans Islam pada tahun kewangan akan datang. Sepanjang tempoh tiga hingga empat bulan, kami merancang untuk mengubahsuai portfolio produk kami dengan memperkenalkan beberapa produk takaful baru termasuk pelan perubatan dan penyakit kritikal baru, pelan pendidikan baru serta pelan takaful terma semakin berkurangan. Di samping itu, selepas berjaya mendapatkan kelulusan Bank Negara Malaysia bagi penubuhan Unit Perniagaan Matawang Antarabangsa (ICBU), Syarikat akan
effective manner, in line with industry norms and best practices as well as the relevant regulatory framework. Takaful Malaysia is an active participant in the PINTAR primary school adoption programme driven by Khazanah Malaysia, involving GLCs. Under the PINTAR pilot programme, we adopted Sekolah Rendah Permatang Binjai in Kepala Batas, Pulau Pinang in 2007, undertaking to provide financial and other forms of assistance to upgrade the school’s academic performance. To date, Takaful Malaysia has sponsored the purchase of exercise books for Year 4, 5, and 6 students. We have also organized a motivational programme for the students, focusing on those who are sitting for the UPSR examinations. Overall, the PINTAR programme involving primary schools in Penang has yielded some outstanding results. We hope to be able to build on this educational foundation to benefit the pupils of the school in the long term. As a takaful operator, we contributed to charitable organizations and causes from the zakat funds. In 2008, we contributed to selected orphanages in Wilayah Persekutuan Kuala Lumpur, Perak, Selangor and Terengganu as well as underprivileged students at specific schools. In June 2008, Takaful Malaysia contributed a total of RM19,000 to 38 “asnaf”, under the patronage of Mini Baitulmal, Hulu Langat, Selangor during a zakat payment ceremony. We also provided assistance to flood victims in Johor and Pahang. Families of the affected villages in Johor received RM500 each from the company’s zakat funds. In Pahang, Takaful Malaysia donated 600 boxes full of basic necessities that include sugar, rice, canned food and others. FUTURE OUTLOOK Takaful Malaysia intends to recapture the leadership position in the Islamic insurance market in the next financial year. Over the next three to four months, we plan to revamp our product portfolio by introducing new takaful products including new medical and critical illness plans, a new educational plan and a reducing term takaful plan. In addition, having obtained Bank Negara Malaysia’s approval for the establishment of an International Currency Business Unit (ICBU), the Company will be exploring opportunities to introduce relevant products in relation to ICBU.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
69
Penyata Pengerusi Chairman’s Statement
meneroka pelbagai peluang untuk memperkenalkan beberapa produk berkaitan dengan ICBU. Komitmen kami untuk meningkatkan taraf kualiti penyampaian perkhidmatan kami akan memainkan peranan utama untuk meluaskan pasaran kami. Sehubungan itu, pelaksanaan Sistem Takaful PREMIA akan disiapkan pada tahun kewangan akan datang yang akan menyaksikan perpindahan portfolio Takaful Keluarga daripada sistem sedia ada. Langkah mencari sumber infrastruktur IT di luar serta melaksana penyelesaian IT berkualiti akan menambahbaik lagi tahap kecekapan dan adalah selaras dengan matlamat kami ke arah mempertingkatkan lagi daya tindak balas kami kepada semua keperluan pelanggan kami. Kami juga sedang melancarkan langkah penjenamaan semula untuk menampil semula Takaful Malaysia sebagai sebuah pengendali takaful yang agresif dan berdaya saing dalam industri perkhidmatan kewangan, namun tertumpu kepada keperluan pelanggan. Penampilan semula baru ini akan menggambarkan budaya kami yang lebih segar, bernafas baru dan akan disebarkan melalui pengenalan sebuah identity jenama baru yang lebih cergas. Sebagai kesimpulan, saya ingin menegaskan sekali lagi tentang komitmen kami. Takaful Malaysia akan terus meneroka pelbagai cara untuk memupuk pertumbuhan dan kemajuannya untuk manfaat para pemegang saham, pelanggan dan kakitangan. Perkara penting yang harus dilaksanakan untuk mencapai matlamat tersebut adalah dengan mengukuhkan asas modal syarikat supaya kami dapat menjadi lebih berdaya saing di peringkat domestik sambil pada masa yang sama, meluaskan operasi kami di peringkat antarabangsa.
Our commitment to increasing the quality of our service delivery will play a major role in expanding our market share. In this regard, the on-going PREMIA Takaful System implementation will be completed in the next financial year, culminating with the migration of Family Takaful portfolio from the existing system. The move to outsource the IT infrastructure as well as implement quality IT solutions will further improve efficiency and will go a long way towards enhancing our responsiveness to all our customers’ needs. We are also embarking on a re-branding exercise to reposition Takaful Malaysia as an aggressive and competitive yet customercentric takaful operator within the financial services industry. This new positioning will be reflective of our refreshed, revitalized culture and will be communicated via a new, vibrant brand identity. In conclusion, I would like to reiterate our commitments. Takaful Malaysia will continue to explore ways to nurture its growth and progress for the benefit of its shareholders, customers and employees. Key to this will be the strengthening of the Company’s capital base in order to stay competitive domestically while extending our operations internationally. We are also focused on creating an environment that nurtures win-win situations with related companies. By identifying potentially symbiotic relations within the BIMB Holdings Group, we hope to embark on “joint ventures” that will benefit both parties.
Kami turut memberikan tumpuan untuk mewujudkan sebuah persekitaran yang memupuk situasi menang-menang dengan syarikat-syarikat berkaitan. Dengan mengenalpasti hubungan simbiotik yang berpotensi dalam Kumpulan BIMB Holdings, kami berharap untuk melancarkan beberapa “usahasama” yang akan memanfaatkan kedua-dua pihak.
Takaful Malaysia is exploring the potential of forming strategic alliances with international operators in order to reap the benefits of their expertise and experience. We are very excited about the possibilities of linkages with other Shariah-based financial organizations.
Takaful Malaysia sedang meneroka potensi untuk menubuhkan permuafakatan strategik dengan beberapa pengendali antarabangsa supaya kami dapat menikmati manfaat kepakaran dan pengalaman yang mereka miliki. Kami amat teruja dengan pelbagai kemungkinan untuk mewujudkan rantaian dengan pelbagai organisasi kewangan berasaskan Syariah yang lain.
Finally, we will continue to be mindful of our responsibilities as one of Malaysia’s leading Takaful operators. We are committed to establishing Kuala Lumpur as the centre for Islamic financing and insurance.
Akhir sekali, kami akan terus memberi perhatian terhadap tanggungjawab kami sebagai salah sebuah pengendali Takaful terkemuka di Malaysia. Justeru, kami komited untuk menjadikan Kuala Lumpur sebagai pusat bagi pembiayaan dan insurans Islam.
70
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
DIVIDEND I am pleased to report that as approved by Bank Negara Malaysia, the Directors declared an interim dividend of 3.5% less tax totaling RM4,163,399 in respect of the financial year
Penyata Pengerusi Chairman’s Statement
DIVIDEN Saya berasa sukacita untuk melaporkan bahawa seperti yang diluluskan oleh Bank Negara Malaysia, para Pengarah mengisytiharkan dividen interim sebanyak 3.5% ditolak cukai berjumlah RM4,184,818 berhubung tahun kewangan berakhir 30 Jun 2008 yang dibayar pada 27 Jun 2008. Seterusnya, pada 20 Oktober 2008 Lembaga Pengarah telah meluluskan cadangan dividen akhir ditolak cukai berjumlah RM4,184,818 yang tertakluk kepada kelulusan para pemegang saham. Tiada dividen diisytihar dan dibayar pada tahun kewangan sebelumnya berakhir 30 Jun 2007. PENGHARGAAN Saya bagi pihak Lembaga Pengarah, ingin merakamkan ucapan penghargaan kepada Y.Bhg. Dato’ Noorazman b. A. Aziz yang meletakkan jawatan daripada Lembaga Pengarah, dan kepada dua orang pengarah yang bersara pada tahun kewangan ini iaitu Y.DH Dato’ Sri Wan Abdul Wahid b. Wan Hassan dan Y.Bhg. Dato’ Alwi b. Muhamad. Pada masa yang sama, saya ingin mengalu-alukan kedatangan Y.Bhg. Dato’ Sulaiman b. Mohd Yusof yang dilantik ke dalam Lembaga Pengarah pada 1 Januari 2008 dan Encik Johan b. Abdullah yang dilantik pada 15 Ogos 2008. Saya juga ingin menyampaikan ucapan penghargaan dan terima kasih kepada Kerajaan Persekutuan dan Kerajaan Negeri, pelbagai Kementerian dan Jabatan, Jabatan Hal Ehwal Agama, Kementerian Kewangan, Pejabat Ketua Pengarah Takaful, Bank Negara Malaysia, Lembaga Perkhidmatan Kewangan Luar Pesisir Labuan (LOFSA), badan-badan berkanun, Bank Islam Malaysia Berhad, Lembaga Tabung Haji, Kumpulan Wang Simpanan Pekerja, Bank Pembangunan Islam dan Kementerian Kewangan Indonesia atas nasihat berguna serta kerjasama yang diberikan sepanjang tempoh yang ditinjau. Ucapan terima kasih ini juga ditujukan kepada para pemegang saham, peserta, pengurusan dan kakitangan kerana kegigihan anda sekalian memberikan sokongan dan komitmen yang tidak berbelah bahagi. Kami berharap semoga hubungan erat yang kita jalin akan bertambah kukuh lagi pada masa depan.
ended 30 June 2008 which was paid on 27 June 2008. The Board has subsequently on 20 October 2008 approved a further 3.5% proprosed final dividend less tax totalling RM4,184,818. which is subject to shareholders’ approval. No dividend was declared and paid for the previous financial year ended 30 June 2007. ACKNOWLEDGEMENTS On behalf of the Board of Directors, I would like to record my appreciation to Y.Bhg. Dato’ Noorazman b. A. Aziz who resigned from the Board, and to the two directors who retired during the financial year, namely Y.DH Dato’ Sri Wan Abdul Wahid b. Wan Hassan and Y.Bhg. Dato’ Alwi b. Muhamad. I would like to welcome Y.Bhg. Dato’ Sulaiman b. Mohd Yusof and Encik Johan b. Abdullah who were appointed to the Board on 1 January 2008 and 15 August 2008 respectively. I would also like to express our appreciation and gratitude to the Federal and State Governments, the various Ministries and Departments, the Department of Religious Affairs, the Ministry of Finance, the Office of the Director General of Takaful, Bank Negara Malaysia, Labuan Offshore Financial Services Authority (LOFSA), the various Statutory bodies, Bank Islam Malaysia Berhad, Lembaga Tabung Haji, Employees Provident Fund, Islamic Development Bank and the Indonesian Ministry of Finance for their invaluable advise and cooperation rendered throughout the period under review. To the shareholders, participants, management and staff, thank you for your unwavering support and commitment. We look forward to further strengthening our relationships in the future.
TAN SRI DR. HADENAN B. A. JALIL PENGERUSI/CHAIRMAN Kuala Lumpur Tarikh: 20 Oktober 2008 Dated : 20 October 2008 Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
71
Ensuring fruits of one’s labour
72
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Financial Statements
74
79
80
Directors’ Report
Statement by Directors
Statutory Declaration
81
83
84
Independent Auditor’s Report
Report of the Shariah Advisory Body
Balance Sheets
85
86
87
Income Statements
Statements of Changes In Equity
Family Takaful Balance Sheet
88
90
91
Family Takaful Revenue Accounts
General Takaful Balance Sheet
General Takaful Revenue Accounts
93
95
Cash Flow Statements
Notes to the Financial Statements
Directors’ Report for the financial year ended 30 June 2008 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 2008. 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 Net profit for the financial year
Group RM’000
Company RM’000
24,638
31,041
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 an interim dividend of 3.5% less tax totalling RM 4,163,399 on 27 June 2008 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 2008 is 3.5% less tax totalling RM4,184,818. Directors of the Company Directors who served since the date of the last report are:- Y. Bhg. Tan Sri Dr. Hadenan b. A. Jalil Y. A. M. Tengku Azman Ibni Almarhum Sultan Abu Bakar Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil Puan Rozaida bt. Omar Encik Mahadzir b. Azizan Y. Bhg. Dato’ Sulaiman b. Mohd Yusof (Appointed on 1 January 2008) Encik Johan b. Abdullah (Appointed on 15 August 2008) Y. Bhg. Dato’ Noorazman b. A. Aziz (Resigned on 1 January 2008) Y. DH. Dato’ Sri Wan Abdul Wahid b. Wan Hassan (Retired on 25 November 2007) Y. Bhg. Dato’ Alwi b. Muhamad (Retired on 30 November 2007) In accordance with Section 62 of the Company’s Articles of Association, Y. Bhg. Tan Sri Dr. Hadenan b. A. Jalil and Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil will retire at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election. In accordance with Section 66A of the Company’s Articles of Association, Y. Bhg. Dato’ Sulaiman b. Mohd Yusof and Encik Johan b. Abdullah retire at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.
74
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Directors’ Report
for the financial year ended 30 June 2008
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 2008. 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. 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 5,274,000 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 rank pari passu 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. 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 at Date of Offer Price 1.7.2007 Granted Exercised Lapsed 30.6.2008 31.10.2003
RM1.20
8,156,000
-
(5,274,000)
(967,000)
1,915,000
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.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
75
Directors’ Report
for the financial year ended 30 June 2008
Options Granted Over Unissued shares (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 31 October 2008. 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 seven non-executive directors and one executive director to enable a balanced and objective consideration of issues, hence facilitating optimal decision making. The executive director adds value to the decision making process by providing a management and operational perspective to issues placed before the Board.
(b) Management Accountability
The 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 currently undergoing an operational transformation process which involves changes in the Senior Management, Information Technology systems, business process, etc. Therefore, appropriate actions are currently being undertaken to improve on the policies, processes and organisational structures that forms key elements of internal controls.
76
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Directors’ Report
for the financial year ended 30 June 2008
Statement on corporate governance and internal controls (Continued) (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/Circular 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, 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. At the date of this report, there does not exist: i)
any charge on the assets of the Group or of the Company that has arisen since the end of the financial year and which secures the liabilities of any other person, or
ii) any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
77
Directors’ Report
for the financial year ended 30 June 2008
Other Statutory Information (Continued) No contingent liability or other liability of any company in the Group has become enforceable, or is likely to become enforceable within the period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect the ability of the Group and of the Company to meet their obligations as and when they fall due. For the purpose of this paragraph, contingent and other liabilities do not include liabilities arising from contracts of takaful underwritten in the ordinary course of business of the Group and Company. In the opinion of the Directors, the results of the operations of the Group and of the Company for the financial year ended 30 June 2008 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:
………………………………………………………… Tan Sri Dr. Hadenan A. Jalil
………………………………………………………… Dato’ Mohamed Hassan Md. Kamil
Kuala Lumpur, Date: 20 October 2008
78
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Statement by Directors pursuant to Section 169(15) of the Companies Act, 1965 In the opinion of the Directors, the financial statements set out on pages 84 to 159 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 2008 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:
………………………………………………………… Tan Sri Dr. Hadenan A. Jalil
………………………………………………………… Dato’ Mohamed Hassan Md. Kamil
Kuala Lumpur, Date: 20 October 2008
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
79
Statutory Declaration pursuant to Section 169(16) of the Companies Act, 1965 I, Fauziah Md Hasan, 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 84 to 159 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 20 October 2008.
Before me:
80
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
………………………..…………........... Fauziah Md Hasan
Independent Auditors’ Report to the members of Syarikat Takaful Malaysia Berhad (Company No. 131646-K) (Incorporated in Malaysia)
Report on the Financial Statements We have audited the financial statements of Syarikat Takaful Malaysia Berhad, which comprise the balance sheets as at 30 June 2008 of the Group and of the Company, and the income statements, 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 84 to 159. 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 2008 and of their financial performance and cash flows for the year then ended.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
81
Independent Auditors’ Report
to the members of Syarikat Takaful Malaysia Berhad (Company No. 131646-K) (Incorporated in Malaysia)
Report on Other Legal and Regulatory Requirements 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. Other Matters This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act, 1965 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.
............................................................. KPMG Desa Megat & Co Firm Number: AF 0759 Chartered Accountants Petaling Jaya, Selangor Date: 20 October 2008
82
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
.................................................................... Khaw Hock Hoe Approval Number: 2229/04/10 (J) Chartered Accountant
Report of the Shariah Advisory Body 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 2008 have been conducted in conformity with Shariah requirements.
On behalf of the Shariah Advisory Body :
…………................................................................. Datuk Abdul Hamid b. Said
…………................................................................. Mohd Bakir Haji Mansor
Kuala Lumpur, Date: 20 October 2008
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
83
Balance Sheets as at 30 June 2008 Group Company Note 2008 2007 2008 2007 (Restated) (Restated) RM’000 RM’000 RM’000 RM’000 ASSETS Shareholders’ assets Property and equipment 3 42,237 49,328 35,477 41,778 Prepaid lease payments 4 3,618 3,825 1,271 1,302 Investment properties 5 26,369 26,507 25,825 23,667 Investment in subsidiaries 6 - - 27,550 27,002 Investment in associates 7 - - - Investments 8 137,305 229,399 113,050 148,290 Financing receivables 9 12,702 15,474 12,003 14,748 Deferred tax assets 16 16,640 15,147 12,438 13,193 Qardh Hasan-receivables 10 80,861 - 80,861 Receivables 11 16,945 61,162 13,833 47,528 Assets held for sale 12 39,364 - 22,872 Cash and bank balances 13 9,743 15,896 8,297 13,000 Total Shareholders’ assets Total Family takaful assets (page 19) Total General takaful assets (page 22) Less : Interfund balances
385,784 3,100,760 592,282 (31,527)
416,738 2,581,396 552,864 (69,456)
353,477 2,917,475 544,801 (19,493)
330,508 2,475,727 527,900 (42,850)
TOTAL ASSETS LIABILITIES Shareholders’ liabilities Liabilities held for sale 12 Payables 14 Provision for taxation
4,047,299
3,481,542
3,796,260
3,291,285
3,233 44,391 2,125
- 104,189 650
- 22,976 1,671
34,884 -
49,749 189,494 315,105 (31,527)
104,839 206,552 292,496 (69,456)
24,647 167,563 276,185 (19,493)
34,884 184,217 260,930 (42,850)
Family takaful fund 18 General takaful fund 19
522,821 2,911,266 277,177
534,431 2,374,844 260,368
448,902 2,749,912 268,616
437,181 2,291,510 266,970
TOTAL LIABILITIES
3,711,264
3,169,643
3,467,430
2,995,661
SHAREHOLDERS’ EQUITY Share Capital 21 Reserves
161,576 142,789
156,302 117,893
161,576 167,254
156,302 139,322
Total equity attributable to shareholders of the company Minority interest 17
304,365 31,670
274,195 37,704
328,830 -
295,624 -
Total Equity
336,035
311,899
328,830
295,624
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
4,047,299
3,481,542
3,796,260
3,291,285
Total Shareholders’ liabilities Total Family takaful liabilities (page 19) Total General takaful liabilities (page 22) Less : Interfund balances
The notes set out on pages 95 to 159 form an intergral part of, and should be read in conjunction with, these financial statements.
84
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Income Statements for the year ended 30 June 2008 Group Company Note 2008 2007 2008 2007 (Restated) RM’000 RM’000 RM’000 RM’000 Operating revenue
23
1,121,650
1,056,950
927,694
913,022
Transfer from revenue accounts Family takaful General takaful Investment income 24 Other operating income 25 Management expenses 26 Other operating expenses 27
108,162 61,451 17,472 53,687 (124,080) (78,782)
120,109 49,815 14,791 7,813 (126,874) (40,210)
90,416 59,932 13,510 15,022 (103,320) (29,441)
95,189 38,404 6,226 4,591 (103,103) (23,819)
Profit from operations Finance costs
37,910 -
25,444 -
46,119 -
17,488 -
Profit before zakat and taxation Zakat Taxation 31
37,910 (4,050) (9,222)
25,444 (3,818) 2,246
46,119 (3,460) (11,618)
17,488 (3,127) 1,457
Profit for the year
24,638
23,872
31,041
15,818
Attributable to: Shareholders of the Company Minority interest
29,705 (5,067)
20,675 3,197
31,041 -
15,818 -
Profit for the year
24,638
23,872
31,041
15,818
Earnings per share Basic earnings per share (sen) Diluted earnings per share (sen) 32 Dividend per ordinary share (sen) - (net interim) 22 Dividend per ordinary share (sen) (net proposed final) 22
18.7 18.7 2.61
13.5 13.4 -
2.59
-
The notes set out on pages 95 to 159 form an intergral part of, and should be read in conjunction with, these financial statements.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
85
Statements of Changes in Equity for the Year Ended 30 June 2008 Group Note
Share capital RM’000
At 1 July 2006 as previously stated Prior year adjustment
40
152,643 -
2,063 -
152,643
Exchange differences Net loss not recognised in the income statements Issue of shares - Cash Net profit for the year (restated) Dividends 2006 – Final 22
At 1 July 2006 as restated
Non – distributable Share Translation premium reserve RM’000 RM’000
Distributable Retained Minority profits interest RM’000 RM’000
Total RM’000
957 -
130,255 (22,500)
36,947 -
322,865 (22,500)
2,063
957
107,755
36,947
300,365
-
-
(4,941)
-
(1,506)
(6,447)
- 3,659 - -
- 732 - -
(4,941) - - -
- - 20,675 (9,348)
(1,506) - 3,197 (934)
(6,447) 4,391 23,872 (10,282)
At 30 June 2007
156,302
2,795
(3,984)
119,082
37,704
311,899
At 1 July 2007 As previously stated
156,302
2,795
(3,984)
142,515
37,704
335,332
40
-
-
-
(23,433)
-
(23,433)
156,302
2,795
(3,984)
119,082
37,704
311,899
Exchange differences Net loss not recognised in the income statements Issue of shares - Cash Net profit for the year Dividends 2008 – Interim 22
-
-
(1,700)
-
(967)
(2,667)
- 5,274 - -
- 1,054 - -
(1,700) - - -
- - 29,705 (4,163)
(967) - (5,067) -
(2,667) 6,328 24,638 (4,163)
161,576
3,849
(5,684)
144,624
31,670
Prior year adjustments As restated
At 30 June 2008
Company
Non - distributable Share Share capital premium RM’000 RM’000
At 1 July 2006 Issue of shares Net profit for the year Dividends 2006 - Final 22
152,643 3,659 - -
At 30 June 2007/1 July 2007 Issue of shares Net profit for the year Dividends 2008 - Interim 22 At 30 June 2008
Distributable Retained profits RM’000
Total RM’000
2,063 732 - -
130,057 - 15,818 (9,348)
284,763 4,391 15,818 (9,348)
156,302
2,795
136,527
295,624
5,274 - -
1,054 - -
- 31,041 (4,163)
6,328 31,041 (4,163)
161,576
3,849
163,405
328,830
The notes set out on pages 95 to 159 form an intergral part of, and should be read in conjunction with, these financial statements.
86
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
336,035
Family Takaful Balance Sheet as at 30 June 2008 Group Note 2008 2007 (Restated) RM’000 RM’000 Assets Property and equipment Investment properties Investment in subsidiaries Investment in associates Investment-linked Takaful assets Investments Financing receivables Receivables Cash and bank balances
RM’000
RM’000
261 219,552 - - 175,459 2,466,908 19,695 111,969 106,916
7,977 200,053 - - 37,682 2,155,266 6,053 120,488 53,877
261 211,453 - - 130,840 2,388,516 3,073 87,927 95,405
1,645 199,446 29,963 37,682 2,078,458 3,789 82,001 42,743
3,100,760
2,581,396
2,917,475
2,475,727
14 15 34
129,538 49,547 10,409
116,793 85,190 4,569
114,441 42,713 10,409
110,668 68,980 4,569
189,494
206,552
167,563
184,217
2,911,266
2,374,844
2,749,912
2,291,510
3,100,760
2,581,396
2,917,475
2,475,727
Total family takaful liabilities Participants’ fund Family takaful fund
2007
3 5 6 7 34 8 9 11 13
Total family takaful assets Liabilities Payables Provision for outstanding claims Investment-linked Takaful liabilities
Company 2008
18
Total family takaful liabilities and participants’ fund
The notes set out on pages 95 to 159 form an intergral part of, and should be read in conjunction with, these financial statements.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
87
Family Takaful Revenue Accounts for the year ended 30 June 2008 Note
2008 RM’000
2007 RM’000
Gross contributions Retakaful Increase in actuarial reserves
647,033 (16,324) (53,458)
558,574 (10,933) (114,604)
529,689 (4,612) (52,385)
470,205 (3,223) (113,535)
23 18
Group
Company 2008 2007 RM’000 RM’000
Net contributions Benefits paid and payable Death/disability Maturities Surrenders Part withdrawal Medical Others
577,251
433,037
472,692
353,447
(124,906) (19,099) (105,419) (14,254) (11,898) 13,157
(141,586) (29,872) (104,216) (12,812) (6,008) (9,687)
(119,069) (10,863) (91,618) (14,254) (196) 7,240
(120,716) (21,517) (94,331) (12,812) (144) (9,687)
(262,419)
(304,181)
(228,760)
(259,207)
314,832
128,856
243,932
94,240
Underwriting profit - Individual Family - Group Family and others - Group Family ILB Less: Underwriting profit - Individual Family
210,550 103,506 776 314,832
102,926 25,652 278 128,856
174,533 68,623 776 243,932
89,558 4,404 278 94,240
(210,550)
(102,926)
(174,533)
(89,558)
Underwriting profit - Group Family and others & Group Family ILB Investment income 24 Other operating income 25 Other operating expenses 27
104,282 172,466 13,912 (19,364)
25,930 116,050 16,179 (21,703)
69,399 161,875 13,112 1,197
4,682 109,859 16,260 (14,541)
Total profit for the year after excluding underwriting profit for Individual Family
271,296
136,456
245,583
116,260
The notes set out on pages 95 to 159 form an intergral part of, and should be read in conjunction with, these financial statements.
88
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Family Takaful Revenue Accounts
for the year ended 30 June 2008
Note
2008 RM’000
Group 2007 RM’000
Company 2008 2007 RM’000 RM’000
Total profit for the year after excluding underwriting profit for Individual Family Less: Allocation of special reserves
271,296 (5,116)
136,456 (4,250)
245,583 (5,116)
116,260 (4,250)
266,180
132,206
240,467
112,010
Profit attributable to the Company and participants for the year after excluding underwriting profit for Individual Family Profit attributable to education plan transferred to payables Profit attributable to the Company transferred to income statement
(53)
(55)
(53)
(55)
(108,162)
(120,109)
(90,416)
(95,189)
Profit payable to participants
157,965 -
12,042 (10,556)
149,998 -
16,766 (10,556)
Profit attributable to the participants for the year:
157,965
1,486
149,998
6,210
2,351,411 23,433
2,121,092 22,500
2,291,510 -
2,070,549 -
As restated Underwriting profit – individual family Profit attributable to participants for the year Movement for the year: - Actuarial reserves - Interfund - Unrealised gain/(loss) in value of investment - Qardh Hasan Special reserve Translation reserves
2,374,844 210,550 157,965
2,143,592 102,926 1,486
2,291,510 174,533 149,998
2,070,549 89,558 6,210
53,458 29,963 (4,491) 94,280 5,116 (10,419)
114,604 - 7,383 (431) 4,275 1,009
52,385 - (4,491) 80,861 5,116 -
113,535 7,383 4,275 -
Family takaful fund at year end
2,911,266
2,374,844
2,749,912
2,291,510
Family takaful funds at the beginning of the year (As previously reported) Prior year adjustments 40
The notes set out on pages 95 to 159 form an intergral part of, and should be read in conjunction with, these financial statements.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
89
General Takaful Balance Sheet as at 30 June 2008 Group Company Note 2008 2007 2008 2007 (Restated) (Restated) RM’000 RM’000 RM’000 RM’000 Assets Property and equipment Investment properties Investment in subsidiaries Investments Financing receivables Receivables Cash and bank balances
3 5 6 8 9 11 13
6 43,052 - 425,104 2,024 81,819 40,277
7 40,376 - 414,809 2,700 70,234 24,738
6 43,052 - 400,956 2,024 63,900 34,863
7 40,149 1,970 396,999 2,700 63,492 22,583
Total general takaful assets
592,282
552,864
544,801
527,900
Liabilities Payables Provision for outstanding claims
129,507 185,598
128,202 164,294
121,752 154,433
123,257 137,673
Total general takaful liabilities
315,105
292,496
276,185
260,930
Participants’ fund General takaful fund
277,177
260,368
268,616
266,970
592,282
552,864
544,801
527,900
14 15
19
Total general takaful liabilities and participants’ fund
The notes set out on pages 95 to 159 form an intergral part of, and should be read in conjunction with, these financial statements.
90
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
General Takaful Revenue Accounts for the year ended 30 June 2008 Note Group Gross contributions 23 Retakaful
Fire
Marine Aviation & Transit 2008 2007 RM’000 RM’000
2007 RM’000
Motor 2008 2007 RM’000 RM’000
73,238 124,938 (19,827) (57,458)
82,548 107,604 (3,044) (1,225)
11,004 (7,804)
31,384 (16,570)
87,645 (35,715)
82,444 254,435 346,370 (12,331) (66,390) (87,584)
79,504 106,379
3,200
14,814
51,930
70,113 188,045 258,786
2008 RM’000
Miscellaneous 2008 2007 RM’000 RM’000
Total 2008 2007 RM’000 RM’000
Net contributions Decrease/(Increase) in unearned contribution reserves
53,411
67,480
20
2,997
(9,058)
1,915
(7,567)
1,491
180
6,114
Earned contributions Net claims incurred
33
56,408 (14,794)
58,422 (40,858)
81,419 (62,830)
98,812 (54,012)
4,691 (2,124)
14,994 (15,864)
58,044 (25,245)
67,004 200,562 239,232 (56,534) (104,993) (167,268)
Underwriting surplus
41,614
17,564
18,589
44,800
2,567
(870)
32,799
10,470
95,569
71,964
Investment income 24 Other operating income 25 Other operating expenses 27 Total profit for the year Transfer to income statement
30,244 14,792 (46,283)
21,165 9,664 (79,880)
94,322 (61,451)
22,913 (49,815)
32,871 (19,754)
(26,902) (18,609)
13,117
(45,511)
27,522
73,033
40,639
27,522
194,320 23,061
206,837 23,061
16,893 2,264 -
2,920 28
277,177
260,368
(3,109)
Participants’ share of profit/(loss) Profit payable to participants Profit/(Loss) attributable to participants for the year Profit attributable to participants at beginning of the year Profit attributable to participants at the end of the year Unearned contribution reserves 20 Special reserves Statutory liabilities - Qardh Hasan Translation differences Interfund balance General Takaful fund at end of the year
12,517
(19,554)
The notes set out on pages 95 to 159 form an intergral part of, and should be read in conjunction with, these financial statements.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
91
General Takaful Revenue Accounts for the year ended 30 June 2008
Note
2008 RM’000
Company Gross contributions 23 Retakaful
57,130 102,457 (13,783) (41,819)
63,521 (2,359)
94,424 (852)
5,096 (6,511)
27,267 (15,367)
67,625 (29,871)
82,472 193,372 306,620 (22,968) (52,524) (81,006)
Net contributions Decrease/(Increase) in unearned contribution reserves 20
43,347
61,162
93,572
(1,415)
11,900
37,754
59,504 140,848 225,614
3,135
(7,093)
2,835
(7,962)
1,455
1,677
7,362
Earned contributions Net claims incurred 33
46,482 (10,564)
53,545 (28,772)
63,997 (51,688)
85,610 (44,158)
40 2,197
13,577 (11,128)
45,116 (19,016)
Underwriting surplus
35,918
24,773
12,309
41,452
2,237
2,449
26,100
Fire 2007 RM’000
60,638
Motor 2008 2007 RM’000 RM’000
Marine Aviation & Transit 2008 2007 RM’000 RM’000
Miscellaneous 2008 2007 RM’000 RM’000
(3,161)
Total 2008 2007 RM’000 RM’000
14,787
8,359
Investment income 24 Other operating income 25 Other operating expenses 27 Total profit for the year Transfer to income statement Participants’ share of profit/(loss) Profit payable to participants Profit/(Loss) attributable to participants for the year Profit attributable to participants at beginning of the year Profit attributable to participants at end of the year Unearned contribution reserves 20 Special reserves General takaful fund at end of the year
76,564
77,033
29,248 13,106 (23,102)
20,112 4,186 (79,139)
95,816 (59,932)
22,192 (38,404)
35,884 (19,451)
(16,212) (17,739)
16,433
(33,951)
46,960
80,911
63,393
46,960
182,162 196,949 23,061 23,061 268,616 266,970
The notes set out on pages 95 to 159 form an intergral part of, and should be read in conjunction with, these financial statements.
92
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
(16,539)
56,343 155,635 209,075 (47,984) (79,071) (132,042)
Cash Flow Statements for the year ended 30 June 2008 Cash flows from operating activities Profit before zakat and taxation Adjustments for: Depreciation and amortisation of prepaid lease payment: - Shareholders’ Fund - Family Takaful Fund - General Takaful Fund Fair value change of investment properties Income from financing receivables Income from Investment Accounts, Islamic Accepted Bills and Bonds Dividend income from quoted shares and Islamic Debt Securities Gain on disposal of quoted shares and unit trusts Gain on disposal of property and equipment and investment properties Gain on foreign exchange Prior year adjustments Write off of investment and equipment (Accretion)/Amortization Unrealised loss/(gain) of investment (Reversal of)/allowance for diminution in value of investments - Shareholders’ Fund - Family Takaful Fund - General Takaful Fund Impairment loss of investment in a subsidiary Profit from Malaysian Government Investment Certificates Allowance for non-performing financing: - Shareholders’ Fund - Family Takaful Fund - General Takaful Fund Operating loss before working capital changes
Group
Company 2008 2007 RM’000 RM’000
2008 RM’000
2007 RM’000
37,910
25,444
46,119
17,488
17,602 54 1 (15,689) (864)
18,005 486 2,110 (8,159) (2,216)
16,188 55 1 (15,685) (479)
15,756 73 2 (8,566) (1,740)
(41,271)
(41,745)
(36,269)
(36,862)
(94,944) (57,675)
(81,653) (4,356)
(93,520) (51,323)
(74,754) (2,163)
(111) (2,045) - 4,617 (2,416) 4,491
- (5,719) 4,216 4,166 (13,085) (7,383)
(26) - - 4,614 (2,416) 4,491
4,216 6,639 (13,085) (7,383)
(3,272) (1,798) (2,110) 20,308
(2,474) (5,474) (1,368) -
(3,189) (1,799) (2,110) 8,513
(2,474) (5,474) (1,368) -
(206)
-
(206)
-
(248) (982) (822)
(760) 74 450
(248) (982) (822)
(760) 74 450
(139,470)
(119,441)
(129,093)
(109,931)
The notes set out on pages 95 to 159 form an intergral part of, and should be read in conjunction with, these financial statements.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
93
Cash Flow Statements
for the year ended 30 June 2008
Group
Company 2008 2007 RM’000 RM’000
2008 RM’000
2007 RM’000
536,422 16,809 (337,222)
199,581 (27,995) (212,200)
458,402 1,646 (314,357)
189,290 (15,290) (183,039)
41,477 94,944
41,745 81,653
36,475 93,520
36,862 74,754
(71,764) (51,767)
119,134 22,344
(13,947) (50,316)
106,634 3,757
Zakat paid Income taxes paid
89,429 (3,361) (2,796)
104,821 (3,509) (6,771)
82,330 (2,820) (2,500)
103,037 (2,547) (6,256)
Net cash generated from operating activities
83,272
94,541
77,010
94,234
Cash flows from investing activities Purchase of property and equipment Purchase of investment properties Proceeds from sale of investment properties Proceeds from sale of property and equipment
(15,652) (247) 1,244 177
(17,027) (4,289) 2,472 -
(14,635) (34) - 171
(15,341) (3,155) 12
Net cash used in investing activities
(14,478)
(18,844)
(14,498)
(18,484)
Increase in Family Takaful Fund Increase/(Decrease) in General Takaful Fund Increase in investments Income from Investment Accounts, Islamic Accepted Bills and Bonds Dividend income (Decrease)/Increase in payables (including claim admitted but not paid) (Increase)/Decrease in other receivables
Cash flows from financing activities Proceeds from issuance of shares Dividends paid to shareholders of the Company Dividend paid to minority shareholders
6,328
4,391
6,328
4,391
(4,163) -
(9,348) (934)
(4,163) -
(9,348) -
Net cash generated from/(used in) financing activities
2,165
(5,891)
2,165
(4,957)
70,959
69,806
64,677
70,793
96,362
26,556
80,177
9,384
167,321
96,362
144,854
80,177
Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of financial year Cash and cash equivalents at the end of financial year
Cash and cash equivalents comprise: Cash and bank balances - Shareholders’ fund (Note 13) 9,743 15,896 8,297 13,000 - Family Takaful fund (Note 13) 106,916 53,877 95,405 42,743 - Investment - Linked Business (Note 34) 9,933 1,851 6,289 1,851 - General Takaful fund (Note 13) 40,277 24,738 34,863 22,583 - Assets held for sale (Note 12) 452 - -
167,321
96,362
144,854
The notes set out on pages 95 to 159 form an intergral part of, and should be read in conjunction with, these financial statements.
94
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
80,177
Notes to the Financial Statements Syarikat Takaful Malaysia Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Board of the Bursa Malaysia Securities Berhad. The address of its registered office and principal place of business of the Company is located at: 26th Floor, Annexe Block Dataran Kewangan Darul Takaful No. 4, Jalan Sultan Sulaiman 50000 Kuala Lumpur The consolidated financial statements of the Company as at and for the year ended 30 June 2008 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 2008 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 20 October 2008. 1. Basis of preparation (a) Statement of compliance The financial statements of the Group and of the Company have been prepared in accordance with the 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. The adoption of the new and revised FRSs in the current year does not have any financial impact on the financial statements of the Group and of the Company other than reclassification of leasehold land as prepaid lease payment pursuant to FRS 117. The effect of adopting FRS 117 is set out on Note 4. These financial statements also comply with the applicable disclosure provisions of the Listing Requirements of the Bursa Malaysia Securities Berhad.
The MASB announced that FRS 139, Financial Instruments: Recognition and Measurement will be effective for annual periods beginning on or after 1 January 2010, hence the Group and the Company plan to adopt FRS 139 for the financial year ending 30 June 2011. The impact of applying 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 FRS 139.103AB. The following revised FRS which are effective for the financial years beginning on or after 1 July 2007, have been adopted by the Group in the 2008 financial statements: FRS 107 Cash Flow Statements FRS 112 Income Taxes FRS 118 Revenue FRS 121 The Effect of Changes in Foreign Exchange Rates FRS 134 Interim Financial Reporting FRS 137 Provisions, Contingent Liabilities and Contingent Assets
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
95
Notes to the Financial Statements
1. Basis of preparation (Continued) (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. In particular, information about significant areas of estimation uncertainty 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 (n) & 2 (o) & 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.
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).
96
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
2. Summary of significant accounting policies (Continued)
(a) Basis of consolidation (continued)
(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 exceeds 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.
(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.
(b) Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of 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 of each Group entity at the exchange rate at that date. Non-monetary assets and liabilities denominated in foreign currencies that are measured in terms of historical cost in a foreign currency are retranslated to the functional currency at the exchange rate at the date of the transactions. Foreign currency differences arising on retranslation are recognised in the income statement / revenue account. (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 on acquisition, 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 foreign operations are translated to RM at exchange rates at the dates of the transactions. Foreign exchange differences arising on translation are recognised directly in equity.
On disposal, accumulated translation differences are recognised in the consolidated income statement as part of the gain or loss on sale. Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
97
Notes to the Financial Statements
2. Summary of significant accounting policies (Continued) (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 net within “other income” or “other operating expenses” respectively in the income statement/revenue account.
(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 revenue account / income statement as incurred. (iii) Depreciation Depreciation is recognised in the revenue account / income statement on a straight-line basis over the estimated useful lives of each part of an item of property and equipment. Freehold land is not depreciated. Leasehold land is depreciated in equal installments over the period of the respective leases which range from sixty to ninety-nine year while building are depreciated on a straight line basis over the shorter of 50 years or the lease period. Property and equipment under construction are not depreciated until the assets are ready for their intended use. The estimated annual depreciation rates for the current and comparative periods are as follows: Buildings 2% Renovation 16.70% Furniture, fixtures and fittings 16.7% - 20% Motor vehicles 20% Computer and equipment 16.7% - 33.3%
98
The depreciable amount is determined after deducting the residual value. Depreciation methods, residual values and useful lives are reassessed at the balance sheet date.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
2. Summary of significant accounting policies (Continued) (c) Property and equipment (continued) (iv) Leased Assets Finance lease Leases in terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Upon initial recognition, the leased asset is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset.
Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of 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. Operating lease
Other leases are operating leases and, except for property interest held under operating lease, the leased assets are not recognised on the Group’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.
(d) 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 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 account/income statement.
•
Quoted investments are stated at the lower of cost and market value determined on an aggregate portfolio basis by category of investments except that if diminution in value of a particular investment is not regarded as temporary, provision is made against the value of that quoted investment.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
99
Notes to the Financial Statements
2. Summary of significant accounting policies (Continued)
(d) Investments (continued)
•
All other unquoted investments are stated at the lower of cost or net realisable value.
•
Investments in quoted shares and securities of investment-linked businesses are stated at the closing market prices.
•
Unquoted loan stocks / bonds of the investment-linked funds are stated at the prevailing prices quoted by independent merchant banks. Any increase or decrease in value of these investments is taken into the investment-linked business revenue account.
Allowance for diminution in value of investments are charged directly to the revenue account of the takaful funds and to the income statement. Subsequent increase in market value of the quoted investment is treated as a write back of the previous allowance for diminution in value of investment to the extent of the carrying amount of the quoted investment 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 account / income statement.
(e) 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 costs, including related and incidental expenditure incurred and are measured subsequently at fair value with any change therein recognised in the income statement / revenue accounts.
An external independent valuation company, 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 statement / revenue accounts as appropriate.
(f) Financing receivables
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.
(g) Receivables
100
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.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
2. Summary of significant accounting policies (Continued) (h) 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. Gains are not recognised in excess of any cumulative impairment loss. (i) 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. (j) Impairment of assets
The carrying amounts of assets, except for financial assets (other than investments in subsidiaries and associate) 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 statement / revenue account. 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. 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 statement / revenue account in the year in which the reversal is recognised.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
101
Notes to the Financial Statements
2. Summary of significant accounting policies (Continued)
(k) 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.
(l) 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 no-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.
(m) 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.
(n) General takaful fund
The general takaful fund is maintained in accordance with the Takaful (Amendment) Act, 1984. Included in general takaful fund is fund arising from:
• • •
The general takaful underwriting results are determined for each class of takaful business after taking into account retakaful, unearned contributions, claims incurred and management expenses.
102
General takaful; Asean Takaful Group (ATG) retakaful pool; and General retakaful funds.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
2. Summary of significant accounting policies (Continued)
(n) General takaful fund (continued)
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 account for the Group and 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 claim 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.
(o) Family takaful fund Included in family takaful fund is fund arising from:- • Family takaful; • Group family takaful; and • Family retakaful funds. The family takaful fund is maintained in accordance with the requirements of the Takaful (Amendment) Act, 1984 and includes the amounts attributable to participants which represents the participants’ share of the return on the investments and are distributable in accordance with the terms and conditions prescribed by the Group.
The surplus transferable from the family takaful fund to the income statement is based on the surplus determined by an annual actuarial valuation of the long term liabilities to the participants.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
103
Notes to the Financial Statements
2. Summary of significant accounting policies (Continued)
(o) Family takaful fund (continued)
Contribution income Contribution is recognised as soon as the amount of the contribution can be reliably measured. Initial contribution is recognised from inception date and subsequent contribution is recognised when it is due. For Individual family takaful contribution, recognition is up to the extent of one due amount. At the end of each financial period, all due contributions are accounted for to the extent that they can be reliably measured. Investment-linked business Investments of investment-linked business are stated at closing market prices. Any increase or decrease in value of these investments is taken into the investment-linked business revenue account. 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 Contributions Reserve (UCR) of group family fund (except for Mortgage Reducing Term Takaful (“MRTT” as detailed below) products) 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:
(ii)
(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.
104
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 liability is ascertained by deducting the present value of future net contribution from the present value of the future amount-at-risk.As with all projections, there are elements of uncertainty and the projected liability may be different from actual. These uncertainties arise from changes in underlying risk, changes in spread of risks, claims settlement pattern as well as uncertainties in the projection model and underlying assumptions.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
2. Summary of significant accounting policies (Continued)
(o) 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.
(p) 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 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 remains 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. (q) Zakat This represents tithes payable by the Company to comply with the Principles of Shariah and as approved by the Shariah Advisory Body. (r) Management expenses Management expenses are charged to shareholders’ fund.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
105
Notes to the Financial Statements
2. Summary of significant accounting policies (Continued) (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 the 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 shares (“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.
106
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
3
Property and equipment
(a) Shareholders’ Fund Renovation Group Freehold and building Motor Land Buildings in progress vehicles Cost RM’000 RM’000 RM’000 RM’000
Office equipment, furniture, fixtures and fittings RM’000
Total RM’000
As restated at 1 July 2007 Additions Disposals Write off of assets Assets held for sale Reclassification/adjustment Translation difference
1,841 - - - - - -
9,176 266 - - - (244) 129
11,342 217 - - (664) - -
2,539 10 (682) - (62) - (76)
77,655 15,071 - (5,999) (992) 107 (581)
102,553 15,564 (682) (5,999) (1,718) (137) (528)
At 30 June 2008
1,841
9,327
10,895
1,729
85,261
109,053
Accumulated depreciation
As restated at 1 July 2007 Charge for the year Disposals Write-off of assets Assets held for sale Reclassification/adjustment Translation difference
- - - - - - -
1,689 420 - - - - (44)
436 - - - (436) - -
1,394 242 (531) - (62) (63) (37)
49,706 16,909 - (1,451) (880) (55) (421)
53,225 17,571 (531) (1,451) (1,378) (118) (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
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
107
Notes to the Financial Statements
3
Property and equipment (Continued)
(a) Shareholders’ Fund (continued)
Office equipment, Renovation furniture, Group Freehold Leasehold and building Motor fixtures and Land Buildings Land Buildings in progress vehicles fittings Cost RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 At 1 July 2006 5,183 8,972 223 1,393 3,818 2,196 75,679 Effect on adoption of FRS 117 (Note 4) (2,758) (42) (223) (1,393) - - - As restated - at 1 July 2006 2,425 8,930 - - 3,818 Additions - 454 - - 6,178 Disposals - (49) - - - Write off of assets - - - - - Reclassification - - - - 1,390 Translation difference (584) (159) - - (44) As restated - at 30 June 2007 1,841 9,176 - - 11,342
Total RM’000 97,464 (4,416)
2,196 652 (271) - - (38)
75,679 8,152 (94) (4,511) (1,390) (181)
93,048 15,436 (414) (4,511) (1,006)
2,539
77,655
102,553
Accumulated depreciation At 1 July 2006 - 1,435 31 374 371 1,152 33,697 37,060 Effect on adoption of FRS 117 (Note 4) - - (31) (374) - - - (405) As restated - at 1 July 2006 - 1,435 - - 371 1,152 33,697 36,655 Charge for the year - 719 - - 89 501 16,787 18,096 Disposals - (152) - - - (257) (5) (414) Reclassification - (277) - 277 - - - Effect on adoption of FRS 117 (Note 4) - - - (277) - - - (277) Translation difference - (36) - - (24) (2) (428) (490) Write-off of assets - - - - - - (345) (345)
At 30 June 2007
Net book value As restated - at 30 June 2007 1,841 7,487 - - 10,906 1,145 27,949 49,328
108
-
1,689
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
-
-
436
1,394
49,706
53,225
Notes to the Financial Statements
3
Property and equipment (Continued)
(a) Shareholders’ Fund (continued)
Office equipment, Renovation furniture, Company Freehold Leasehold and building Motor fixtures and Land Buildings Land Buildings in progress vehicles fittings Cost RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Total RM’000
As at 1 July 2007 Additions Disposals Write off of assets Reclassification
1,841 - - - -
4,179 - - - -
- - - - -
- - - - -
10,678 217 - - -
1,386 - (670) - -
68,370 14,332 - (5,999) -
86,454 14,549 (670) (5,999) -
At 30 June 2008
1,841
4,179
-
-
10,895
716
76,703
94,334
Accumulated depreciation
As at 1 July 2007 Charge for the year Disposals Write-off of assets
- - - -
1,066 84 - -
- - - -
- - - -
- - - -
800 138 (525) -
42,810 15,935 - (1,451)
44,676 16,157 (525) (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 Cost
At 1 July 2006 Effect on adoption of FRS 117 (Note 4)
1,841
4,179
223
1,393
3,123
1,289
67,049
79,097
-
-
(223)
(1,393)
-
-
-
(1,616)
As restated Additions Disposals Write off of assets Reclassification
1,841 - - - -
4,179 - - - -
- - - - -
- - - - -
3,123 6,165 - - 1,390
1,289 366 (269) - -
67,049 7,222 - (4,511) (1,390)
77,481 13,753 (269) (4,511) -
As restated - at 30 June 2007
1,841
4,179
-
-
10,678
1,386
68,370
86,454
Accumulated depreciation
At 1 July 2006 Effect on adoption of FRS 117 (Note 4)
-
860
31
374
-
853
27,718
29,836
-
-
(31)
(374)
-
-
-
(405)
As restated Charge for the year Disposals Write-off of assets
- - - -
860 206 - -
- - - -
- - - -
- - - -
853 204 (257) -
27,718 15,437 - (345)
29,431 15,847 (257) (345)
At 30 June 2007
-
1,066
-
-
-
800
42,810
44,676
Net book value As restated - at 30 June 2007
1,841
3,113
-
-
10,678
586
25,560
41,778
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
109
Notes to the Financial Statements
3
Property and equipment (Continued)
(b) Family Takaful Fund Office equipment, Renovation furniture, Group Freehold Leasehold and building fixtures and Land Buildings Land Buildings in progress fittings Cost RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 At 1 July 2007 2,243 4,478 - - 1,418 1,496 Transfer to investment properties (Note 5) (2,243) (4,478) - - - -
Total RM’000 9,635 (6,721)
As restated Additions Transfer to investment properties (Note 5) Write off of assets
- -
- -
- -
- -
1,418 -
1,496 88
2,914 88
- -
- -
- -
- -
(1,349) (69)
- -
(1,349) (69)
At 30 June 2008
-
-
-
-
-
1,584
1,584
Accumulated depreciation
At 1 July 2007 Transfer to Investment properties (Note 5)
-
389
-
-
-
1,269
1,658
-
(389)
-
-
-
-
(389)
As restated Charge for the year
- -
- -
- -
- -
- -
1,269 54
1,269 54
At 30 June 2008
-
-
-
-
-
1,323
1,323
Net book value At 30 June 2008 - - - -
-
261
261
110
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
3
Property and equipment (Continued)
(b) Family Takaful Fund (continued) Office equipment, Renovation furniture, Group Freehold Leasehold and building fixtures and Land Buildings Land Buildings in progress fittings Cost RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 At 1 July 2006 - - - - 2 1,321 Additions - - - - 1,416 175 Transfer from investment (Note 8) 2,321 4,638 - - - - Translation difference (78) (160) - - - -
At 30 June 2007
Accumulated depreciation
Total RM’000 1,323 1,591 6,959 (238)
2,243
4,478
-
-
1,418
1,496
9,635
At 1 July 2006 Charge for the year Translation difference
- - -
- 414 (25)
- - -
- - -
- - -
1,197 72 -
1,197 486 (25)
At 30 June 2007
-
389
-
-
-
1,269
1,658
Net book value At 30 June 2007
2,243
4,089
-
-
1,418
227
7,977
Company
Cost
At 1 July 2007 Additions Transfer to investment properties (Note 5) Write off of assets
- -
- -
- -
- -
1,415 -
1,496 86
2,911 86
- -
- -
- -
- -
(1,349) (66)
- -
(1,349) (66)
At 30 June 2008
-
-
-
-
-
1,582
1,582
Accumulated depreciation
At 1 July 2007 Charge for the year
- -
- -
- -
- -
- -
1,266 55
1,266 55
At 30 June 2008
-
-
-
-
-
1,321
1,321
Net book value At 30 June 2008
-
-
-
-
-
261
261
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
111
Notes to the Financial Statements
3
Property and equipment (Continued)
(b) Family Takaful Fund (continued) Office equipment, Renovation furniture, Company Freehold Leasehold and building fixtures and Land Buildings Land Buildings in progress fittings Cost RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Total RM’000
At 1 July 2006 Additions
- -
- -
- -
- -
2 1,413
1,321 175
1,323 1,588
At 30 June 2007
-
-
-
-
1,415
1,496
2,911
Accumulated depreciation
At 1 July 2006 Charge for the year
- -
- -
- -
- -
- -
1,193 73
1,193 73
At 30 June 2007
-
-
-
-
-
1,266
1,266
Net book value At 30 June 2007
-
-
-
-
1,415
230
1,645
112
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
3
Property and equipment (Continued) (c) General Takaful Fund
Office equipment, Renovation furniture, Group Freehold Leasehold and building fixtures and Land Buildings Land Buildings in progress fittings Cost RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 At 1 July 2007 - - - - 582 4,908 Write off of assets - - - - (582) (4,351)
At 30 June 2008
Accumulated depreciation
Total RM’000 5,490 (4,933)
-
-
-
-
-
557
557
At 1 July 2007 Charge for the year Write off of assets
- - -
- - -
- - -
- - -
582 - (582)
4,901 1 (4,351)
5,483 1 (4,933)
At 30 June 2008
-
-
-
-
-
551
551
Net book value At 30 June 2008
-
-
-
-
-
6
6
-
-
-
-
582
4,908
5,490
At 1 July 2006/ At 30 June 2007 Charge for the year
- -
- -
- -
- -
146 436
3,227 1,674
3,373 2,110
At 30 June 2007
-
-
-
-
582
4,901
5,483
Net book value At 30 June 2007
-
-
-
-
-
7
7
Cost At 1 July 2006/ At 30 June 2007
Accumulated depreciation
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
113
Notes to the Financial Statements
3
Property and equipment (Continued)
(c) General Takaful Fund (continued)
Company Freehold Leasehold Land Buildings Land Buildings Cost RM’000 RM’000 RM’000 RM’000
Office equipment, furniture, fixtures and fittings RM’000
Total RM’000
At 1 July 2007/ At 30 June 2008
-
-
-
-
557
557
Accumulated depreciation At 1 July 2007 Charge for the year
- -
- -
- -
- -
550 1
550 1
At 30 June 2008
-
-
-
-
551
551
Net book value At 30 June 2008
-
-
-
-
6
6
Cost At 1 July 2006/ At 30 June 2007
-
-
-
-
557
557
Accumulated depreciation At 1 July 2006 Charge for the year
- -
- -
- -
- -
548 2
548 2
At 30 June 2007
-
-
-
-
550
550
Net book value At 30 June 2007
-
-
-
-
7
7
114
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
4
Prepaid lease payments
Shareholder’s Fund
Cost
Group Unexpired period less than 50 years RM’000
Company
Unexpired period more than 50 years Total RM’000 RM’000
Unexpired period less than 50 years RM’000
Unexpired period more than 50 years Total RM’000 RM’000
At 1 July 2006 Effect of adopting FRS 117 (Note 3)
- 2,800
- 1,616
- 4,416
- -
- 1,616
1,616
At 1 July 2006, as restated Additions
2,800 -
1,616 -
4,416 -
- -
1,616 -
1,616 -
At 30 June 2007/ 1 July 2007 Translation difference
2,800 (196)
1,616 -
4,416 (196)
- -
1,616 -
1,616 -
At 30 June 2008
2,604
1,616
4,220
-
1,616
1,616
Amortisation At 1 July 2006 Effect of adopting FRS 117 (Note 3)
- -
- 405
- 405
- -
- 405
405
At 1 July 2006, as restated Amortisation for the year Effect of adopting FRS 117 (Note 3)
- - 277
405 (91) -
405 (91) 277
- - -
405 (91) -
405 (91) -
At 30 June 2007/1 July 2007 Amortisation for the year Translation difference
277 - (20)
314 31 -
591 31 (20)
- - -
314 31 -
314 31 -
At 30 June 2008
257
345
602
-
345
345
Carrying amounts At 1 July 2006
2,800
1,211
4,011
-
1,211
1,211
At 30 June 2007/ 1 July 2007
2,523
1,302
3,825
-
1,302
1,302
At 30 June 2008
2,347
1,271
3,618
-
1,271
1,271
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
115
Notes to the Financial Statements
5
Investment properties
Group
Shareholders’ Fund 2008 2007 RM’000 RM’000
Family Takaful 2008 2007 RM’000 RM’000
General Takaful 2008 2007 RM’000 RM’000
At 1 July 2007/2006 Transfer from property and equipment (Note 3) Transfer to Family Takaful Fund Transfer from Shareholders Fund
26,507
25,030
200,053
200,173
40,376
40,847
-
-
6,330
-
-
-
(1,933)
-
-
-
-
-
-
-
1,933
-
-
-
As restated, 1 July Additions Disposal Fair value gain/(loss) for the year - net Transfer from property and equipment ( Note 3) Translation difference
24,574 213 (518)
25,030 1,134 -
208,316 - (424)
200,173 2,896 (2,472)
40,376 34 (216)
40,847 259 -
2,162
343
10,658
(544)
2,869
(730)
- (62)
- -
1,349 (347)
- -
- (11)
-
26,369
26,507
219,552
200,053
43,052
40,376
9,452 10,232
8,523 11,252
65,539 124,124
62,010 114,861
10,767 21,045
9,584 19,094
1,150
1,114
8,829
7,780
2,134
2,204
5,535
5,618
12,981
10,562
3,106
3,494
-
-
3,663
1,692
1,540
1,540
-
-
4,416
3,148
4,460
4,460
26,369
26,507
219,552
200,053
43,052
40,376
At 30 June 2008/2007
Comprising of: Freehold land Freehold building Leasehold land more than 50 years Leasehold building more than 50 years Leasehold land less than 50 years Leasehold building less than 50 years
The following are amounts arising from investment properties that have been recognised in the income statement / revenue accounts during the financial year.
Rental income
116
2,263
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
2,710
16,454
15,689
2,941
3,119
Notes to the Financial Statements
5 Investment properties (Continued) Company Shareholders’ Fund 2008 2007 RM’000 RM’000
Family Takaful 2008 2007 RM’000 RM’000
General Takaful 2008 2007 RM’000 RM’000
At 1 July 2007/2006 23,667 Additions - Fair value gain/(loss) for the year - net 2,158 Transfer from property and equipment (Note 3) -
23,737 - (70)
199,446 - 10,658
197,079 2,896 (529)
40,149 34 2,869
39,815 259 75
-
1,349
-
-
-
25,825
23,667
211,453
199,446
43,052
40,149
9,452 9,688
8,523 8,412
65,539 121,303
62,010 114,311
10,767 21,045
9,584 19,095
1,150
1,114
8,829
7,780
2,134
2,204
5,535
5,618
12,981
12,562
3,106
3,426
-
-
1,692
1,692
1,540
1,540
-
-
1,109
1,091
4,460
4,300
25,825
23,667
211,453
199,446
43,052
40,149
At 30 June 2008/2007
Comprising of: Freehold land Freehold building Leasehold land more than 50 years Leasehold building more than 50 years Leasehold land less than 50 years Leasehold building less than 50 years
The following are amounts arising from investment properties that have been recognised in the income statement/revenue accounts during the financial year. Rental income
2,244
2,365
15,775
15,211
2,941
3,102
The Group’s properties were valued by independent firms of professional valuer, using the comparison, cost and investment methods of valuation. In the comparison method approach, the sales and listings of comparable properties recorded within nearby locations are compiled. From the compiled data, adjustments are made between the subject property and those similar properties. The adjustments made are in relation to location, size and shape of the lot, physical features, legal and legislative constraints, building design and condition, time element, planning provision, improvements and renovation works made, if any, surrounding developments, facilities and amenities available and other factors that may affect the value of the subject property. These adjustments are therefore subject to uncertainties such as property market outlook, potential increases in rental rates and general economic conditions. In the cost method approach, the indication of values consists of the sum of the present worth of the improvement value.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
117
Notes to the Financial Statements
5
Investment properties (Continued)
For the valuation of the improvements, the valuers have considered the following:-
i. Cost of replacement of the building in accordance with current trend of market prices for materials, labour, contractor’s overhead, profit and fees; ii. Accrued depreciation as evidenced by the observed condition and present and prospective serviceability in comparison with new units of like kind; and; iii. Extent, character and utility of the property. The Investment method is the capitalisation of net rent from a property. Net rent is the residue of gross annual rent less annual expenses (outgoings) required to sustain the rent with allowance for void and management fees. The 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 2008 Unquoted shares, at cost Transfer to Shareholders’ Fund (Interfund) Reclassified as asset held for sale (Note 12)
Shareholders’ Fund RM’000
Family Takaful RM’000
General Takaful RM’000
27,002 31,933 (31,385)
29,963 (29,963) -
1,970 (1,970) -
27,550
-
-
2007 Unquoted shares, at cost
27,002
29,963
1,970
The principal activities of the subsidiaries, their country of incorporation and the interest of Syarikat Takaful Malaysia Berhad are as follows:
Country of Name of companies Principal activities incorporation Asean Retakaful International Family and general (L) Ltd. (“ARIL”)** retakaful business Malaysia P.T. Syarikat Takaful Indonesia* and its subsidiaries Investment holding Indonesia P.T. Asuransi Takaful Umum* General takaful business Indonesia P.T. Asuransi Takaful Keluarga* Family takaful business Indonesia * 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 classified as asset held for sale (see Note 12).
118
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Effective interests 2008 2007 % % 63.09
63.09
56
56
56
56
56
56
Notes to the Financial Statements
7
Investment in associate
8
Investments
Investment in associate company was fully written down during financial year ended 30 June 2007.
(a) Shareholders’ Fund 2008 2007 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 24,355 15,838 - Outside Malaysia 2,001 111 Allowance for diminution - (1,370)
Unit trusts Allowance for diminution
Unquoted: Shares - In Malaysia - Outside Malaysia
Islamic debt securities
Investment in investments - linked funds Transfer to investment properties (Note 5)
26,356
27,156
14,579
3,248 -
7,462 (1,902)
3,248
3,375
5,560
380 -
878 52
380
930
8,347
30,840
18,212 -
13,086 (1,293)
18,212
20,824
11,793
64,538 15,974
146,283 19,414
80,512
165,697
137,305
229,399
13,841
66,522
Deposits and money market placement with: Licensed banks - Local - Foreign
Total investments
Investments maturing more than twelve months
8,597
22,093
5,560
31,306
13,395
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
119
Notes to the Financial Statements
8
Investments (Continued)
(a) Shareholders’ Fund (continued) 2008 2007 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 24,355 15,755 Allowance for diminution - (1,287)
24,355
25,155
14,468
Unit trusts Allowance for diminution
- -
3,526 (1,902)
-
-
1,624
Unquoted: Shares - In Malaysia
380
878
Islamic debt securities
1,624
5,613
5,363
5,653
6,120
Investment in investments-linked funds
18,164
20,776
11,398
13,000
Deposits and money market placement with: Licensed banks
64,538
114,269
64,538
114,269
113,050
148,290
5,813
34,234
Total investments
Investments maturing more than twelve months
120
21,689
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
8 Investments (Continued) (b) Family Takaful Fund 2008 2007 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 114,910 78,459 - Outside Malaysia 3 1,467 Allowance for diminution (12,510) (1,443)
102,403
Unit trusts Allowance for diminution
102,403
78,483
68,646 (533)
12,457 (2,737)
68,113
Unquoted: Malaysian Government Islamic papers Amortisation of premiums
70,571
9,720
411,607 -
371,061 (345)
411,607
394,998
370,716
Shares - In Malaysia - Outside Malaysia
- -
181 7,571
-
7,752
Islamic debt securities Allowance for diminution
1,149,136 (1,725)
906,520 (12,386)
1,147,411
1,092,502
894,134
Unit trusts
-
16,493
Other investments Transfer to investment properties (Note 5) Transfer to property and equipment (Note 3)
- - -
9,981 (3,022) (6,959)
-
Investment-linked funds
-
12,905
Deposits and money market placement with: Licensed banks - Local - Foreign Licensed finance companies
695,023 42,351 -
685,542 34,766 44,755
737,374
765,063
107,913
9,837
378,972
973,137
-
Total investments
2,466,908
2,155,266
Investments maturing more than twelve months
1,567,315
1,478,449
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
121
Notes to the Financial Statements
8
Investments (Continued)
(b) Family Takaful Fund (continued) 2008 2007 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 114,910 78,459 Allowance for diminution (12,510) (1,443)
Unit trusts Allowance for diminution
Unquoted: Malaysian Government Islamic papers Amortisation of premiums
Shares - In Malaysia
Islamic debt securities Allowance for diminution
Unit trusts
Deposits and money market placement with: Licensed banks Licensed finance companies
102,400
102,400
77,016
48,750 (533)
6,952 (2,737)
48,217
48,420
4,215
411,607 -
371,061 (345)
411,607
394,998
370,716
-
181
1,132,995 (1,725)
897,788 (12,386)
1,131,270
1,076,361
885,402
-
16,493
695,022 -
679,680 44,755
695,022
724,435
Total investments
2,388,516
2,078,458
Investments maturing more than twelve months
1,552,859
1,443,665
122
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
106,445
4,328
378,972
964,405
Notes to the Financial Statements
8
Investments (Continued)
(c) Investment-linked Fund 2008 2007 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 13,967 13,601 Shares outside Malaysia 23,680 - Unrealised gains/(losses) 1,790 5,869
39,437
39,437
19,470
19,470
9,483
9,483
-
-
Unit Trust
Unquoted: Islamic debt securities Unrealised losses
14,234 (452)
12,136 (40)
13,782
13,782
12,096
Deposits and money market placement with: Licensed banks
102,816
1,049
Total investments
165,518
32,615
Company
Quoted: Shares in Malaysia Unrealised gains/(losses)
13,967 1,790
13,601 5,869
15,757
15,757
19,470
14,234 (452)
12,136 (40)
13,782
13,782
12,096
Deposits and money market placement with: Licensed banks
95,004
1,049
Total investments
124,543
32,615
Unquoted: Islamic debt securities Unrealised losses
12,096
19,470
12,096
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
123
Notes to the Financial Statements
8
Investments (Continued)
(d) General Takaful Fund 2008 2007 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 38,307 25,617 Allowance for diminution - (294)
40,545
25,323
5,541 (73)
3,506 (1,889)
5,468
5,554
1,617
92,151 -
96,073 (2,071)
92,151
89,042
94,002
147,131 (2,074)
94,189 (2,074)
145,057
132,212
92,115
142,099 2,022
194,972 6,780
144,121
201,752
Total investments
425,104
414,809
Investments maturing more than twelve months
247,042
235,973
Company
Quoted: Shares - In Malaysia Allowance for diminution
38,307 -
25,618 (294)
38,307
40,545
25,324
2,899 (73)
3,506 (1,889)
2,826
2,911
1,617
92,151 -
96,073 (2,071)
92,151
94,002
Unit trusts Allowance for diminution
Unquoted: Malaysian Government Islamic papers Amortisation of premiums
Islamic debt securities - In Malaysia Allowance for diminution
Deposits and money market placement with: Licensed banks - Local - Foreign
Unit trusts Allowance for diminution
Unquoted: Malaysian Government Islamic papers Amortisation of premiums
124
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
38,307
89,042
35,550
1,617
95,778
94,466
35,550
1,617
95,778
Notes to the Financial Statements
8
Investments (Continued)
(d) General Takaful Fund (continued) 2008 2007 Market Market Cost/ Value/ Cost/ Value/ Valuation Fair Value Valuation Fair Value Company (continued) RM’000 RM’000 RM’000 RM’000
Islamic debt securities Allowance for diminution
147,131 (2,074)
94,189 (2,074)
145,057
92,115
Deposits and money market placement with: Licensed banks
122,615
183,941
Total investments
400,956
396,999
Investments maturing more than twelve months
246,383
235,973
Shareholders’ Fund RM’000
Family Takaful RM’000
General Takaful RM’000
9 Financing receivables Group 2008
132,212
99,466
Secured financing Staff financing Allowance for doubtful financing Unsecured financing
3,470 12,167 (2,935) -
23,081 - (6,386) 3,000
5,164 (5,140) 2,000
Total financing
12,702
19,695
2,024
Amount receivable after twelve months
13,433
3,540
-
2007
Secured financing Staff financing Allowance for doubtful financing Unsecured financing
4,067 14,590 (3,183) -
10,421 - (7,368) 3,000
6,662 (5,962) 2,000
Total financing
15,474
6,053
2,700
Amount receivable after twelve months
14,358
-
-
Company 2008 Secured financing Staff financing Allowance for doubtful financing Unsecured financing
2,771 12,167 (2,935) -
6,459 - (6,386) 3,000
5,164 (5,140) 2,000
Total financing
12,003
3,073
2,024
Amount receivable after twelve months
12,735
-
-
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
125
Notes to the Financial Statements
9 Financing receivables (Continued) Company (continued) 2007 Secured financing Staff financing Allowance for doubtful financing Unsecured financing
Shareholders’ Fund RM’000
Family Takaful RM’000
General Takaful RM’000
3,341 14,590 (3,183) -
8,157 - (7,368) 3,000
6,662 (5,962) 2,000
Total financing
14,748
3,789
2,700
Amount receivable after twelve months
14,358
-
-
10 Qardh Hasan receivables Shareholders’ Fund Opening balance Increase during the year
Group 2008 RM’000
Company 2008 RM’000
4,444 108,130
80,861
Qardh Hasan written off (Note 27) Reclassified to Assets held for sale (Note 12)
112,574 (9,734) (21,979)
80,861 -
Closing balance
80,861
80,861
Shareholders’ Fund RM’000
Family Takaful RM’000
General Takaful RM’000
- -
60,091 4,023
77,063 57,476
Allowance for bad and doubtful debts
- -
64,114 (18,706)
134,539 (60,729)
-
45,408
73,810
659 1,055 - 296 7,928 1,127 5,880
40,460 - 12,034 - 5,563 4,209 4,295
4,598 370 3,041
16,945
66,561
8,009
16,945
111,969
81,819
11 Receivables Group 2008
Trade Receivables Due contributions Due from retakaful companies
Other Receivables Investment receivable Deposits Due from Shareholders’ Fund (Note 14) Due from Family Takaful Fund (Note 14) Due from General Takaful Fund (Note 14) Due from ILB (Note 34) Sundry receivables
Total receivables
126
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
11 Receivables (Continued) Group (continued) 2007
Shareholders’ Fund RM’000
Family Takaful RM’000
General Takaful RM’000
Trade Receivables Due contributions Due from retakaful companies
- -
79,199 15,362
58,231 22,905
Allowance for bad and doubtful debts
- -
94,561 (32,551)
81,136 (26,272)
-
62,010
54,864
1,355 8,781 1,029 - 29,506 6,905 470 13,116
17,871 - - 23,433 - - 661 16,513
3,772 8,480 - - 3,118
61,162
58,478
15,370
Total receivables
61,162
120,488
70,234
Company 2008
Due contributions Due from retakaful companies
- -
48,649 1,599
70,073 47,857
Allowance for bad and doubtful debts
- -
50,248 (13,713)
117,930 (59,469)
-
36,535
58,461
659 1,055 296 7,928 1,127 2,768
40,460 - - 5,563 4,209 1,160
4,598 370 471
13,833
51,392
5,439
13,833
87,927
63,900
Other Receivables Investment receivable Tax recoverable Deposits Due from Shareholders’ Fund (Note 40) Due from Family Takaful Fund (Note 14) Due from General Takaful Fund (Note 14) Due from ILB (Note 34) Sundry receivables
Trade Receivables
Other Receivables Investment receivable Deposits Due from Family Takaful Fund (Note 14) Due from General Takaful Fund (Note 14) Due from ILB (Note 34) Sundry receivables
Total receivables
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
127
Notes to the Financial Statements
11 Receivables (Continued) Company (continued) 2007 Trade Receivables Due contributions Due from retakaful companies
Shareholders’ Fund RM’000
Family Takaful RM’000
General Takaful RM’000
- -
71,127 9,942
55,744 18,649
Allowance for bad and doubtful debts
- -
81,069 (32,551)
74,393 (26,272)
-
48,518
48,121
Other Receivables Amount due from subsidiaries Investment receivable Tax recoverable Deposits Due from Family Takaful Fund (Note 14) Due from General Takaful Fund (Note 14) Due from ILB (Note 34) Sundry receivables
144 1,355 8,781 1,029 27,149 6,089 470 2,511
- 17,871 - - - - 661 14,951
3,772 8,480 3,119
47,528
33,483
15,371
47,528
82,001
63,492
Total receivables
During the year, the Group and the Company wrote off General Takaful Due Contributions of RM nil (2007: RM67,721,000) against the allowance for bad and doubtful debts.
Amounts due from subsidiaries and associated company are non-trade, unsecured, interest free and repayable on demand.
12 Assets held for sale
As at 30 June 2008, the assets and liabilities held for sale are as follows:
Group Assets classified as held for sale Property and equipment Investments Qardh Hasan - Receivables Receivables Cash and bank balances
128
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Shareholders’ Fund 2008 2007 RM’000 RM’000 210 30,925 1,671 6,106 452
-
39,364
-
Notes to the Financial Statements
12 Assets held for sale (Continued) i)
Property and equipment held for sale comprise the following:
Plant and equipment: Cost Accumulated depreciation
Shareholders’ Fund 2008 2007 RM’000 RM’000 1,654 (1,444)
1,718 (1,378)
210
340
ii) The Qardh Hasan amount of Assets Held for Sale after deducting impairment loss for the year of RM20,308,000 is as follows:-
Qardh Hasan receivable Impairment loss (Note 27)
Balance outstanding
Liabilities classified as held for sale
RM’000 21,979 (20,308) 1,671
Shareholders’ Fund 2008 2007 RM’000 RM’000 3,233
-
Payables
3,233
-
Company Reclassification of cost of investment in subsidiary - ARIL (Note 6) Provision for diminution in value (Note 27)
Shareholders’ Fund 2008 2007 31,385 (8,513)
-
22,872
-
13 Cash and bank balances Shareholders’ Fund Current account with a related company (Islamic financial institution) Other current accounts
2008 RM’000
Group
2007 RM’000
Company 2008 2007 RM’000 RM’000
9,237 506
15,843 53
8,036 261
12,952 48
9,743
15,896
8,297
13,000
Family Takaful Current account with a related company (Islamic financial institution) Other current accounts
100,538 6,378
53,877 -
95,043 362
42,743 -
106,916
53,877
95,405
42,743
General Takaful Current account with a related company (Islamic financial institution) Other current accounts
12,152 28,125
22,583 2,155
11,987 22,876
22,583 -
40,277
24,738
34,863
22,583
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
129
Notes to the Financial Statements
14 Payables Shareholders’ Group Fund 2008 RM’000
Family Takaful RM’000
General Takaful RM’000
Due to retakaful companies Advanced takaful contribution Profit payable to participants Zakat payable Deposit payable Unclaimed monies Due to Shareholders’ Fund (Note 11) Due to Family Takaful Fund (Note 11) Other payables and accruals
- - - 3,585 648 - - 12,034 28,124
3,195 13,643 7,355 - - - 296 - 105,049
36,846 11,091 9,356 7,219 7,928 5,563 51,504
Total payables
44,391
129,538
129,507
Group 2007
Due to retakaful companies Advanced takaful contribution Profit payable to participants Zakat payable Deposit payable Unclaimed monies Due to Shareholders’ Fund (Note 11) Due to General Takaful Fund (Note 11) Due to Family Takaful Fund (Note 40) Due to ILB (Note 34) Other payables and accruals
- - - 3,451 652 - - - 23,433 - 76,653
10,604 11,995 7,310 - - - 29,506 8,480 - - 48,898
61,605 15,970 116 232 6,905 1 43,373
Total payables
104,189
116,793
128,202
130
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
14 Payables (Continued) Shareholders’ Company Fund 2008 RM’000
Family Takaful RM’000
General Takaful RM’000
Due to retakaful companies Advanced takaful contribution Profit payable to participants Deposit payable Zakat payable Unclaimed monies Due to Shareholders’ Fund (Note 11) Due to Family Takaful Fund (Note 11) Other payables and accruals
- - - 647 3,287 - - - 19,042
2,652 13,643 7,355 - - - 296 - 90,495
35,112 11,091 9,356 7,219 7,928 5,563 45,483
Total payables
22,976
114,441
121,752
Company 2007
Due to retakaful companies Advanced takaful contribution Profit payable to participants Deposit payable Zakat payable Unclaimed monies Due to Shareholders’ Fund (Note 11) Due to General Takaful Fund (Note 11) Due to ILB (Note 34) Other payables and accruals
- - - 652 2,647 - - - - 31,585
7,488 11,957 7,310 - - - 27,149 8,480 - 48,284
61,829 15,941 232 6,089 1 39,165
Total payables
34,884
110,668
123,257
Family Takaful RM’000
General Takaful RM’000
Family Takaful RM’000
General Takaful RM’000
15 Provision for outstanding claims Group
2008
2007
Provision for outstanding claims Retakaful recoveries
56,254 (6,707)
459,279 (273,681)
87,247 (2,057)
311,884 (147,590)
Net outstanding claims
49,547
185,598
85,190
164,294
Company
Provision for outstanding claims Retakaful recoveries
49,420 (6,707)
409,384 (254,951)
71,037 (2,057)
285,263 (147,590)
Net outstanding claims
42,713
154,433
68,980
137,673
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
131
Notes to the Financial Statements
16 Deferred taxation
Shareholders’ Fund
Deferred tax assets and liabilities are attributable to the following:-
Group
Assets
Liabilities 2008 2007 RM’000 RM’000
2008 RM’000
2007 RM’000
Property and equipment (5,427) Qardh Hasan receivables - Investments (906) Financing receivables (2,091) Receivables (3,468) Unearned contribution reserves - Payables (6,177) Unabsorbed tax losses (19,595)
(4,619) - (3,365) (1,939) (1,520) - (3,970) -
- 21,024 - - - - - -
Tax (assets)/liabilities
(37,664)
(15,413)
Set off of tax
21,024
Net tax (assets)/liabilities
(16,640)
Company
2007 RM’000
- - - - - 266 - -
(5,427) 21,024 (906) (2,091) (3,468) - (6,177) (19,595)
(4,619) (3,365) (1,939) (1,520) 266 (3,970) -
21,024
266
(16,640)
(15,147)
266
(21,024)
(266)
-
-
(15,147)
-
-
(16,640)
(15,147)
Assets
Liabilities 2008 2007 RM’000 RM’000
2008 RM’000
2007 RM’000
Property and equipment (5,244) Qardh Hasan receivables - Investments (906) Financing receivables (2,091) Receivables (2,595) Unearned contribution reserves - Payables (3,031) Unabsorbed tax losses (19,595)
(4,619) - (1,411) (1,939) (1,520) - (3,970) -
- 21,024 - - - - - -
Tax (assets)/liabilities
(33,462)
(13,459)
Set off of tax
21,024
Net tax (assets)/liabilities
(12,438)
132
Net 2008 RM’000
Net 2008 RM’000
2007 RM’000
- - - - - 266 - -
(5,244) 21,024 (906) (2,091) (2,595) - (3,031) (19,595)
(4,619) (1,411) (1,939) (1,520) 266 (3,970) -
21,024
266
(12,438)
(13,193)
266
(21,024)
(266)
-
-
(13,193)
-
-
(12,438)
(13,193)
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
16 Deferred taxation (Continued)
Shareholders’ Fund (continued)
Movement in temporary differences during the year: Recognised As at Recognised As at in income Exchange 1 July in income Exchange 30 June statement Differences/ 2006 statement Differences 2007 (Note 31) Adjustment Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
As at 30 June 2008 RM’000
Property and equipment 4,850 Qardh Hasan receivables - Investments (11,269) Financing receivables (3,231) Receivables - Unearned contribution reserves - Payables - Unabsorbed tax losses -
(9,469) - 8,622 1,292 (1,520) 266 (3,970) -
- - (718) - - - - -
(4,619) - (3,365) (1,939) (1,520) 266 (3,970) -
(816) 21,024 2,459 (152) (1,948) (266) (2,300) (19,595)
8 - - - - - 93 -
(5,427) 21,024 (906) (2,091) (3,468) (6,177) (19,595)
Tax (assets)/liabilities
(4,779)
(718)
(15,147)
(1,594)
101
(16,640)
(9,650)
Movement in temporary differences during the year: As at Recognised As at 1 July in income 30 June 2006 statement 2007 Company RM’000 RM’000 RM’000
Recognised in income statement (Note 31) RM’000
As at 30 June 2008 RM’000
Property and equipment Qardh Hasan receivables Investments Financing receivables Receivables Unearned contribution reserves Payables Unabsorbed tax losses
4,850 - (11,269) (3,231) - - - -
(9,469) - 9,858 1,292 (1,520) 266 (3,970) -
(4,619) - (1,411) (1,939) (1,520) 266 (3,970) -
(625) 21,024 505 (152) (1,075) (266) 939 (19,595)
(5,244) 21,024 (906) (2,091) (2,595) (3,031) (19,595)
Tax (assets)/liabilities
(9,650)
(3,543)
(13,193)
755
(12,438)
17 Minority shareholders’ interests
This consists of the minority shareholder’s proportion of share capital and reserves of subsidiaries.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
133
Notes to the Financial Statements
18 Family Takaful Fund Participants’ Account (PA)
Group 2008 RM’000
2007 RM’000
Company 2008 2007 RM’000 RM’000
At beginning of the year As previously reported Prior year adjustment (Note 40)
1,602,121 23,433
1,444,679 22,500
1,528,677 -
1,390,840 -
As restated Add: Increase in PA
1,625,554 207,190
1,467,179 82,929
1,528,677 171,712
1,390,840 70,016
Profit attributable to participants
1,832,744 78,100
1,550,108 65,558
1,700,389 74,024
1,460,856 56,163
1,910,844
1,615,666
1,774,413
1,517,019
Movement in unrealised gain in investment and other reserves: - At beginning of the year - At end of the year
(20,773) 16,282
(13,390) 20,773
(20,773) 16,282
(13,390) 20,773
(4,491)
7,383
(4,491)
7,383
5,116 29,963 (11,359)
4,275 - (1,770)
5,116 - -
4,275 -
1,930,073
1,625,554
1,775,038
1,528,677
Special reserve Interfund Translation reserve
At end of the year
Participants’ Special Account (PSA)
At beginning of the year Add: Increase in PSA
568,479 3,360
524,693 19,997
569,227 2,821
527,142 19,542
Profit attributable to participants
571,839 34,586
544,690 22,477
572,048 34,436
546,684 22,543
606,425
567,167
606,484
569,227
Movement in special reserves: - At beginning of the year - At end of the year
(6,583) 6,583
(6,583) 6,583
(6,583) 6,583
(6,583) 6,583
-
-
-
-
(135)
1,312
-
-
606,290
568,479
606,484
569,227
Translation reserve
At end of the year
134
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
18 Family Takaful Fund (Continued) Group Family Takaful Fund (GFTA)
2008 RM’000
2007 RM’000
Company 2008 2007 RM’000 RM’000
180,811 45,279 94,280
151,720 (86,549) (431)
193,606 41,538 80,861
152,567 (72,496) -
320,370
64,740
316,005
80,071
Movement in actuarial reserves: - At beginning of the year - At end of the year
(197,012) 250,470
(82,408) 197,012
(193,740) 246,125
(80,205) 193,740
53,458
114,604
52,385
113,535
Movement in special reserves: - At beginning of the year - At end of the year
(9,145) 9,145
(9,145) 9,145
(9,145) 9,145
(9,145) 9,145
-
-
-
-
1,075
1,467
-
-
374,903
180,811
368,390
193,606
2,911,266
2,374,844
2,749,912
2,291,510
At beginning of the year Profit /(Loss) attributable to participants Movement in Qardh Hasan
Translation reserves
At end of the year
Family Takaful fund at end of the year
Group
In the valuation of the Participants’ Special Account (PSA) and Mortgage Reducing Term Takaful (MRTT) of Group Family Takaful Fund (GFTA) funds 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 2008 and the results (before shareholders’ transfer) showed a surplus of RM138,142,000 (2007: RM91,129,000) for the Company. In respect of the Ordinary Family GFTA, the statutory valuation of the Company’s Group Family Takaful Fund was made for the year ended 30 June 2008. In the previous year, the GFTA for MRTT certificates showed a deficit of RM86,941,000. As a result of this, a Qardh Hasan was made during the current financial year to make good deficit in the fund for MRTT business. The Qardh Hasan outstanding as at June 2008 is RM80,861,000. GFTA for other products showed a surplus (before shareholders’ transfer) of RM167,768,000 (2007: RM160,194,000) for the Company. The Indonesian subsidiary involved in family takaful business conducts statutory valuation based on its statutory year end on 31 December 2007 which resulted into a prior year adjustment due to deficit in the reserves as disclosed in Note 40.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
135
Notes to the Financial Statements
19 General Takaful Fund
2008 RM’000
2007 RM’000
Company 2008 2007 RM’000 RM’000
40,639 194,320 23,061 16,893 - 2,264
27,522 206,837 23,061 2,920 28 -
63,393 182,162 23,061 - - -
46,960 196,949 23,061 -
277,177
260,368
268,616
266,970
27,522
73,033
46,960
80,911
Net surplus/(deficit) attributable to participants for the financial year Profits payable to participants for the financial year
32,871 (19,754)
(26,902) (18,609)
35,884 (19,451)
(16,212) (17,739)
40,639
27,522
63,393
46,960
Marine, Aviation & Transit Miscellaneous RM’000 RM’000
Total RM’000
Group
Revenue account accumulated surplus Unearned contribution reserves (Note 20) Special reserves Statutory liabilities - Qardh Hasan Interfund balances Translation reserves
Revenue account accumulated surplus As at 1 July
Balance as at 30 June
20 Unearned Contribution Reserves Group Fire Motor 2008 RM’000 RM’000 At beginning of the year Decrease in unearned contribution reserves
131,312
44,420
4,518
26,587
206,837
(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
2007 122,254
36,853
4,698
23,478
187,283
9,058
7,567
(180)
3,109
19,554
131,312
44,420
4,518
26,587
206,837
At beginning of the year Increase/(decrease) in unearned contribution reserves
At end of the year
136
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
20 Unearned Contribution Reserves (Continued) Company Fire Motor 2008 RM’000 RM’000 At beginning of the year 128,780 39,642 Decrease in unearned contribution reserves (3,135) (2,835)
At end of the year
2007
At beginning of the year Increase/(decrease) in unearned contribution reserves
At end of the year
Marine, Aviation & Transit Miscellaneous RM’000 RM’000
Total RM’000
1,984
26,543
196,949
(1,455)
(7,362)
(14,787)
125,645
36,807
529
19,181
182,162
121,687
31,680
3,661
23,382
180,410
7,093
7,962
(1,677)
3,161
16,539
128,780
39,642
1,984
26,543
196,949
21 Share capital and reserves Authorised : Ordinary shares of RM1.00 each
500,000
500,000
Issued and fully paid Ordinary shares of RM1.00 each at 1 July Issue of shares under the employee share option scheme
156,302 5,274
152,643 3,659
On issue at 30 June
161,576
156,302
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 (net of tax) 2008
Interim 2008 ordinary Final (proposed) 2008 ordinary
2.61 2.59
Final 2007 ordinary
2.59
2007
Final 2006 ordinary
6.12
Group and Company 2008 2007 RM’000 RM’000
Total amount RM’000
Date of payment
4,163 4,185
27/6/08 *
-
9,348
28/12/06
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
137
Notes to the Financial Statements
22 Dividends (Continued) *
After the balance sheet date, the following dividends were proposed by the Directors. These dividends will be recognised in subsequent financial reports upon approval by the shareholders.
Sen per share (net of tax)
Final 2008 ordinary
23 Operating Revenue Group 2008
Total amount RM’000
2.59
4,185
Shareholders’ Fund RM’000
Family Takaful RM’000
General Takaful RM’000
Total RM’000
Gross contributions Investment income (Note 24)
- 17,472
647,033 172,466
254,435 30,244
901,468 220,182
17,472
819,499
284,679
1,121,650
2007
Gross contributions Investment income (Note 24)
- 14,791
558,574 116,050
346,370 21,165
904,944 152,006
14,791
674,624
367,535
1,056,950
- 13,510
529,689 161,875
193,372 29,248
723,061 204,633
13,510
691,564
222,620
927,694
- 6,226
470,205 109,859
306,620 20,112
776,825 136,197
6,226
580,064
326,732
913,022
Company 2008
Gross contributions Investment income (Note 24)
2007
Gross contributions Investment income (Note 24)
138
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
24 Investment income Shareholders’ Group Fund 2008 RM’000
Family Takaful RM’000
General Takaful RM’000
664 4,494
62,876 28,001
6,486 8,776
Islamic debt securities Deposit/money market placements Financing - Secured - Staff Profit on disposal of investment Other income from investments Gross dividend from Shariah approved shares - Quoted in Malaysia - Unquoted in Malaysia Rental of investment properties
71 479 6,812 1,747
314 - 44,406 1,167
6,457 856
942 - 2,263
4,364 14,884 16,454
1,552 3,176 2,941
Total investment income
17,472
172,466
30,244
2007
Islamic debt securities Deposit/money market placements Financing - Secured - Staff Other income from investments (Loss)/Profit on disposal of investments Gross dividend from Shariah approved shares - Quoted in Malaysia Other dividend income Rental of investment properties
2,105 6,263
56,800 27,540
5,566 7,942
428 541 371 (823)
949 - 147 3,740
298 1,439
944 2,252 2,710
3,308 7,877 15,689
1,319 1,482 3,119
Total investment income
14,791
116,050
21,165
Company 2008
Islamic debt securities Deposit/money market placements Financing - Staff Profit from disposal of investments Other income from investments Gross dividend from Shariah approved shares - Quoted in Malaysia - Unquoted in Malaysia Rental of investment properties
413 2,666
61,703 25,822
6,486 7,781
479 6,362 404
- 38,504 823
6,457 855
942 - 2,244
4,364 14,884 15,775
1,552 3,176 2,941
Total investment income
13,510
161,875
29,248
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
139
Notes to the Financial Statements
24 Investment income (Continued) Shareholders’ Company (continued) Fund 2007 RM’000
Family Takaful RM’000
General Takaful RM’000
407 3,437
56,800 25,898
5,147 7,527
240 541 (1,740)
661 - 2,464
298 1,439
944 32 2,365
3,308 5,517 15,211
1,319 1,280 3,102
6,226
109,859
20,112
25 Other operating income Shareholders’ Group Fund 2008 RM’000
Family Takaful RM’000
General Takaful RM’000
Islamic debt securities Deposit/money market placements Financing - Secured - Staff (Loss)/Profit from disposal of investment Gross dividend from Shariah approved shares - Quoted in Malaysia Other dividend income Rental of investment properties
Total investment income
Income from ILB, service charge and management fees Miscellaneous income Fair value gain arising from investment properties Accretion of discounts Gain on disposal of property and equipment and investment property Wakalah fee
16,927 1,551 2,162 - 26 33,021
217 2,675 10,658 345 17 -
9,784 2,869 2,071 68 -
53,687
13,912
14,792
2007
Income from ILB, service charge and management fees Miscellaneous income Fair value gain arising from investment properties Accretion of discounts
610 6,860 343 -
- 5,123 - 11,056
7,635 2,029
7,813
16,179
9,664
12,864 (26) 2,158 - 26
- 2,109 10,658 345 -
8,166 2,869 2,071 -
15,022
13,112
13,106
Company 2008
Income from ILB, service charge and management fees Miscellaneous income Fair value gain arising from investment properties Accretion of discounts Gain on disposal of property and equipment
140
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
25 Other operating income (Continued) Shareholders’ Company (continued) Fund 2007 RM’000
Family Takaful RM’000
General Takaful RM’000
Income from ILB, service charge and management fees Miscellaneous income Fair value gain arising from investment properties Accretion of discounts
610 3,981 - -
- 5,204 - 11,056
2,082 75 2,029
4,591
16,260
4,186
26 Management expenses Group Company 2008 2007 2008 2007 (Restated) (Restated) Shareholders’ Fund RM’000 RM’000 RM’000 RM’000
Staff costs Directors’ remuneration - Salaries and other emoluments - Fees Shariah Committee remuneration - Emoluments - Fees
76,698
76,669
60,389
60,539
2,293 360
1,525 312
1,531 333
1,273 132
- 173
243 110
- 105
114 86
79,524
78,859
62,358
62,144
17,716 31
20,692 (91)
16,157 31
15,922 (91)
271 77 546 105 11,535 9,042 3,734 1,499
267 175 263 865 7,240 7,999 9,864 741
248 - 546 8 11,413 7,353 3,729 1,477
242 132 17 6,662 7,999 9,864 212
44,556
48,015
40,962
40,959
124,080
126,874
103,320
103,103
Depreciation Amortisation of prepaid lease payment Audit fees - Company auditors - Other auditors Licence fees Legal fees Professional fees Rental of properties Rental of equipment Other expenses
Total management expenses
All management expenses are incurred at the Shareholders’ fund level. The estimated monetary value of benefits in kind received by the directors, are RM243,000 (2007: RM124,000) and RM177,000 (2007: RM62,000) at Group and Company level respectively.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
141
Notes to the Financial Statements
27 Other operating expenses Shareholders’ Group Fund 2008 RM’000
Family Takaful RM’000
General Takaful RM’000
Investment expenses Writeback of allowance for diminution in value of investments Impairment loss on asset held for sale (Writeback of)/Allowance for bad and doubtful debts Writeback of allowance for doubtful financing Write off of equipment Qardh Hasan written off Administrative and general expenses Wakalah fees Audit fees
1,173 (3,272) 20,308 (210) (248) 4,548 9,734 46,749 - -
10,966 (1,798) - (14,095) (982) 69 - 9,759 15,312 133
1,944 (2,110) 20,659 (822) 8,874 17,709 29
78,782
19,364
46,283
2007
Investment expenses Writeback of allowance for diminution in value of investments Allowance for bad and doubtful debts Allowance for doubtful financing Write off of equipment Fair value loss arising from investment properties Administrative and general expenses Audit fees
7,049 (2,474) 853 (760) 4,166 - 31,376 -
6,696 (5,474) 11,302 74 - 544 8,431 130
1,151 (1,368) 72,384 450 730 6,505 28
40,210
21,703
79,880
1,173 (3,189) 8,513 (210) (248) 4,548 18,854 -
10,966 (1,799) - (16,908) (982) 66 7,327 133
1,944 (2,110) 21,228 (822) 2,833 29
29,441
(1,197)
23,102
Company 2008
Investment expenses Writeback of allowance for diminution in value of investments Allowance for diminution in value of investments in subsidiary (Writeback of)/Allowance for bad and doubtful debts Writeback of allowance for doubtful financing Write off of equipment Administrative and general expenses Audit fees
142
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
27 Other operating expenses (Continued) Shareholders’ Company (continued) Fund 2007 RM’000
Family Takaful RM’000
General Takaful RM’000
Investment expenses Writeback of allowance for diminution in value of investments Allowance for bad and doubtful debts Allowance for doubtful financing Write off of equipment Fair value loss arising from investment properties Administrative and general expenses Audit fees
2,467 (2,474) 853 (760) 4,166 70 19,497 -
6,696 (5,474) 11,302 74 - 529 1,284 130
410 (1,368) 72,384 450 7,235 28
23,819
14,541
79,139
28 Key Management Personnel Compensation Directors Executive: Salaries and other emoluments Benefits-in-kind
Group
Company 2008 2007 RM’000 RM’000
2008 RM’000
2007 RM’000
2,293 95
1,235 97
1,531 29
987 35
2,388
1,332
1,560
1,022
Non-Executive: Other emoluments Fees Benefits-in-kind
333 27 148
290 312 27
333 - 148
286 132 27
508
629
481
445
Other key management personnel: Short-term employment benefits Benefits-in-kind
3,711 72
1,835 -
2,571 72
436 -
3,783
1,835
2,643
436
6,679
3,796
4,684
1,903
Total
29 Employee information
Group 2008 RM’000
2007 RM’000
76,698
76,669
Company 2008 2007 RM’000 RM’000
Staff costs
60,389
60,539
The number of employees of the Group and of the Company (including Executive Director) at the end of the year were 1,920 (2007: 2,319) and 1,342 (2007: 1,714) respectively.
Staff costs of the Group and of the Company includes contributions to the Employees Provident Fund of RM7,378,006 (2007: RM6,958,802) and RM7,196,088 (2007 : RM6,715,613) respectively.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
143
Notes to the Financial Statements
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 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)
vi) The option scheme shall be in force for five years until 31 October 2008.
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.
Movements in the number of shares options held by employees are as follows:
2008 ’000 (units)
2007 ’000 (units)
As at 1 July Exercised during the financial year Lapsed during the financial year
8,156 (5,274) (967)
12,629 (3,659) (814)
As at 30 June
1,915
8,156
The options outstanding as at 30 June 2008 have an exercise price of RM1.20 per ordinary share and a remaining contractual life of 16 months.
During the current year, 5,274,000 share options were exercised (2007: 3,659,000). The weighted average share price for the year was RM1.58 (2007: RM1.35). 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.
144
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
31 Tax expense
Group
Company 2008 2007 RM’000 RM’000
2008 RM’000
2007 RM’000
Current tax expense Malaysian - under provision for prior year Overseas - current year
10,715 -
2,086 447
10,863 -
2,086 -
10,715
2,533
10,863
2,086
Deferred tax (assets)/liabilities Origination and reversal of temporary differences (Note 16)
(1,493)
(4,779)
755
(3,543)
9,222
(2,246)
11,618
(1,457)
Reconciliation of effective tax rate
Group
Company 2008 2007 RM’000 RM’000
2008 RM’000
2007 RM’000
37,910
25,444
46,119
17,488
Income tax using Malaysian tax rate Effect of different tax rates in local jurisdiction Item not subject to tax Effect of deductible temporary differences not recognised in prior year Effect of prior year tax loss not recognised
9,857 1,225 (12,575)
6,870 (1,629) (21,853)
11,991 1,225 (12,461)
4,722 (1,629) (18,917)
- -
(1,720) 14,000
- -
(1,000) 13,281
Under provision of tax in prior year 1997 - 2007
(1,493) 10,715
(4,332) 2,086
755 10,863
(3,543) 2,086
9,222
(2,246)
11,618
(1,457)
Profit before zakat and taxation
Tax expense/(credit)
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
145
Notes to the Financial Statements
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 RM29,705,000 (2007 as restated: RM20,675,000) and the weighted average number of ordinary shares issued during the year of 158,635,000 (2007: 153,266,000).
Weighted average number of ordinary shares
2008 ’000 (units)
2007 ’000 (units)
Issued ordinary shares at beginning of the year Effect of new shares issued
156,302 2,333
152,643 623
Weighted average number of ordinary shares
158,635
153,266
(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. 2008 2007 (Restated) RM’000 RM’000 Net profit attributable to shareholders
29,705
20,675
Weighted average number of ordinary share in issue Adjustment for share options
158,635 464
153,266 852
Total
159,099
154,118
Diluted earnings per share (sen)
18.7
13.4
Marine, Aviation & Transit Miscellaneous RM’000 RM’000
Total RM’000
33 Net Claims Incurred Group Fire Motor 2008 RM’000 RM’000
Gross claims paid less salvage Retakaful recoveries
34,295 (25,507)
47,400 (3,115)
16,736 (10,039)
35,509 (11,590)
133,940 (50,251)
Net claims paid
8,788
44,285
6,697
23,919
83,689
Net outstanding claims: At end of the year At beginning of the year
44,519 (38,513)
62,587 (44,042)
12,904 (17,477)
65,588 (64,262)
185,598 (164,294)
14,794
62,830
2,124
25,245
104,993
Net claims incurred
146
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
33 Net Claims Incurred (Continued) Group (continued) Fire Motor 2007 RM’000 RM’000
Marine, Aviation & Transit Miscellaneous RM’000 RM’000
Total RM’000
Gross claims paid less salvage Retakaful recoveries
61,045 (43,255)
45,425 1,463
10,223 (4,077)
38,078 (7,347)
154,771 (53,216)
Net claims paid
17,790
46,888
6,146
30,731
101,555
Net outstanding claims: At end of the year At beginning of the year
38,513 (15,445)
44,042 (36,918)
17,477 (7,759)
64,262 (38,459)
164,294 (98,581)
Net claims incurred
40,858
54,012
15,864
56,534
167,268
Company 2008
Gross claims paid less salvage Retakaful recoveries
28,092 (24,022)
37,422 (2,615)
12,244 (9,059)
31,076 (10,827)
108,834 (46,523)
Net claims paid
4,070
34,807
3,185
20,249
62,311
Net outstanding claims: At end of the year At beginning of the year
34,665 (28,171)
57,961 (41,080)
7,065 (12,447)
54,742 (55,975)
154,433 (137,673)
Net claims incurred
10,564
51,688
(2,197)
19,016
79,071
2007
Gross claims paid less salvage Retakaful recoveries
44,249 (33,954)
35,046 2,071
6,315 (1,594)
32,456 (5,043)
118,066 (38,520)
Net claims paid
10,295
37,117
4,721
27,413
79,546
Net outstanding claims: At end of the year At beginning of the year
28,171 (9,694)
41,080 (34,039)
12,447 (6,040)
55,975 (35,404)
137,673 (85,177)
Net claims incurred
28,772
44,158
11,128
47,984
132,042
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
147
Notes to the Financial Statements
34 Investment-linked business (ILB) Balance Sheet as at 30 June Assets
2008 RM’000
2007 RM’000
Investments (Note 8) Receivables Due from General Takaful Fund (Note 14) Cash and bank balances
165,518 8 - 9,933
32,615 3,215 1 1,851
124,543 8 - 6,289
32,615 3,215 1 1,851
Total ILB assets
175,459
37,682
130,840
37,682
Liabilities
Provision for outstanding claims Payables Due to Shareholders’ Fund (Note 11) Due to Family Takaful Fund (Note 11) Due to General Takaful Fund (Note 11)
341 4,362 1,127 4,209 370
1,239 2,199 470 661 -
341 4,362 1,127 4,209 370
1,239 2,199 470 661 -
Total ILB liabilities
10,409
4,569
10,409
4,569
Net asset value of funds
165,050
33,113
120,431
33,113
Revenue account for the year ended 30 June
Gross contributions Retakaful
134,267 (109)
6,069 (42)
94,663 (109)
6,069 (42)
Net contributions Decrease/(Increase) in unearned contribution reserves
134,158 26
6,027 (18)
94,554 26
6,027 (18)
Net retained contribution
134,184
6,009
94,580
6,009
Benefit paid and payable
Death Surrender Redemption of units for Tabarru’ Part withdrawal Service charge Other expenses Matured Academic Achievement
(5,596) (4,803) (259) (183) (4,034) (87) (42) -
(220) (4,141) (383) (267) (214) (205) - (56)
59 (4,804) (259) (183) (146) (87) (42) -
(220) (4,141) (383) (267) (214) (205) (56)
(15,004)
(5,486)
(5,462)
(5,486)
119,180
523
89,118
523
148
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Group
Company 2008 2007 RM’000 RM’000
Notes to the Financial Statements
34 Investment-linked business (ILB) (Continued) Comprises: Underwriting profit – Individual Family ILB Underwriting profit – Group Family ILB
2008 RM’000
2007 RM’000
118,404 776
245 278
88,342 776
245 278
Less: Underwriting profit – Individual Family ILB
119,180 (118,404)
523 (245)
89,118 (88,342)
523 (245)
776 6,271 79 -
278 888 - (39)
776 3,150 78 -
278 888 (39)
7,126
1,127
4,004
1,127
(513) -
(259) (65)
(513) -
(259) (65)
6,613
803
3,491
803
Underwriting profit – Group Family ILB Investment income Other operating income Other operating expenses
Profit attributable to the Company and participants after excluding underwriting profit – Individual Family ILB Profit attributable to the Company transferred to Income Statement Profit payable to participants
Group
Company 2008 2007 RM’000 RM’000
Profit attributable to participants for the year
Family ILB Fund at beginning of the year Underwriting profit – Family ILB Profit attributable to participants for the year Unearned contribution reserves Unrealised (loss) / gain in value of investments Translation reserves
44,717 118,404 6,613 (25) (4,491) (168)
24,664 245 803 18 7,383 -
33,113 88,342 3,491 (24) (4,491) -
24,664 245 803 18 7,383 -
Family ILB Fund at end of the year
165,050
33,113
120,431
33,113
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.
Transactions with related parties during the year are as follows. Balances outstanding in respect of these transactions are disclosed in Notes 11 and 14.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
149
Notes to the Financial Statements
35 Related parties (Continued)
Group 2007 RM’000
33
-
33
-
-
-
3,790
29,825
7,258 192 2,420 -
8,139 1,146 1,878 333
7,258 192 2,420 -
8,139 1,146 1,878 333
31
550
31
550
394
99
394
99
4,991 769
682 2,710
4,991 769
682 2,710
-
120
-
120
Holding company BIMB Holdings Berhad Contribution for general takaful Subsidiary company (Note 6) Asean Retakaful International (L) Ltd. Contribution for facultative and treaty outward Related companies Bank Islam Malaysia Berhad Rental income Contribution for group family takaful Contribution for general takaful Provision of IT Services BIMSec Asset Management Sdn. Bhd. Management portfolio fee paid Syarikat Ijarah Sdn. Bhd. Lease rental Lembaga Tabung Haji Contribution for group family takaful Contribution for general takaful BIMB Unit Trust Management Berhad Takaful contribution
Company 2008 2007 RM’000 RM’000
2008 RM’000
36 Operating leases
Total future minimum lease payments under non-cancellable operating leases are as follows:
Group and Company 2008 2007 RM’000 RM’000
Non-related parties: Less than one year Between one and five years Related party: Less than one year Between one and five years
Lease commitments are wholly payable from the Shareholders’ fund.
The Group and the Company leases a number of computer and equipments under operating leases. The leases typically run an initial period of five years, with an option to renew the lease after that date.
150
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
2,713 2,658
1,526 779
407 1,084
1,807 2,130
Notes to the Financial Statements
37 Capital commitments
Authorised by the Directors and contracted for
Group and Company 2008 2007 RM’000 RM’000 12,723
15,176
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 business. The financial position and performance of the Family and General takaful businesses managed are disclosed separately within this 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 2008
Malaysia RM’000
Indonesia RM’000
Total external revenue Inter-segment revenue
957,522 -
164,128 -
- -
1,121,650 -
Total segment revenue
957,522
164,128
-
1,121,650
Segment result
33,844
4,066
-
37,910
Finance costs
-
Profit before zakat & taxation Zakat Tax expense
37,910 (4,050) (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 expenses other than depreciation and amortisation
9,647
-
9,647
Eliminations Consolidated RM’000 RM’000
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
151
Notes to the Financial Statements
38 Segmental information (Continued)
Geographical segments (continued) 2007
Malaysia RM’000
Indonesia RM’000
Total external revenue Inter-segment revenue
934,311 -
122,639 -
- -
1,056,950 -
Total segment revenue
934,311
122,639
-
1,056,950
Segment result
24,726
718
-
25,444
Finance costs
-
Profit before zakat & taxation Zakat Tax expense
25,444 (3,818) 2,246
Profit for the year
23,872
Segment assets by location of assets
3,333,381
175,711
(27,550)
3,481,542
Segment liabilities by location of liabilties
3,020,599
149,044
-
3,169,643
Capital expenditure by location of assets
15,381
1,646
-
17,027
Depreciation and amortisation
16,010
4,591
-
20,601
Non cash expenses other than depreciation and amortisation
21,451
-
-
21,451
Segment Information on Cash Flow Shareholders’ Fund RM’000
Family Takaful RM’000
General Takaful RM’000
Total RM’000
7,204 (15,070) 2,165
60,782 339 -
15,286 253 -
83,272 (14,478) 2,165
(5,701)
61,121
15,539
70,959
(5,701)
61,121
15,539
70,959
15,896
55,728
24,738
96,362
10,195
116,849
40,277
167,321
26,327 (16,570) (5,891)
49,952 (2,015) -
18,262 (259) -
94,541 (18,844) (5,891)
3,866
47,937
18,003
69,806
Group 2008 Cash flows from: Operating activities Investing activities Financing activities
Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents: At beginning of the year
At end of the year
2007
Cash flows from: Operating activities Investing activities Financing activities
152
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Eliminations Consolidated RM’000 RM’000
Notes to the Financial Statements
38 Segmental information (Continued) Segment Information on Cash Flow (continued) Group (continued) 2007
Shareholders’ Fund RM’000
Family Takaful RM’000
General Takaful RM’000
Total RM’000
Net increase in cash and cash equivalents Cash and cash equivalents: At beginning of the year
3,866
47,937
18,003
69,806
12,030
7,791
6,735
26,556
At end of the year
15,896
55,728
24,738
96,362
7,510 (14,378) 2,165
57,186 (86) -
12,314 (34) -
77,010 (14,498) 2,165
(4,703)
57,100
12,280
64,677
Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents: At beginning of the year
(4,703)
57,100
12,280
64,677
13,000
44,594
22,583
80,177
8,297
101,694
34,863
144,854
25,967 (13,741) (4,957)
47,955 (4,484) -
20,312 (259) -
94,234 (18,484) (4,957)
7,269
43,471
20,053
70,793
Net increase in cash and cash equivalents Cash and cash equivalents: At beginning of the year
7,269
43,471
20,053
70,793
5,731
1,123
2,530
9,384
13,000
44,594
22,583
80,177
Company 2008
Cash flows from: Operating activities Investing activities Financing activities
At end of the year
2007
Cash flows from: Operating activities Investing activities Financing activities
At end of the year
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
153
Notes to the Financial Statements
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 claim, or claims are in excess of those expected.
The Group and the Company seek to minimise underwriting risks 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.
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 16.4% of the Group and 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.
154
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
39 Financial Risks (Continued)
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 2008 Financial assets Islamic debt securities Secured financing Deposit and money market placement Staff financing
Effective Profit Rate Total % RM’000
Less than 1 year RM’000
1-2 years RM’000
2 -3 years RM’000
3-4 years RM’000
4-5 years RM’000
More than 5 years RM’000
4.44 11.17
8,597 699
44 -
31 197
230 133
156 3
104 3
8,032 363
3.53 3.55
80,512 12,003
75,255 12
5,058 47
199 59
- 289
- 351
11,245
Total
101,811
75,311
5,333
621
448
458
19,640
Group 2007 6.24 12.28
30,840 1,116
1,031 493
331 9
22,067 19
412 32
191 81
6,808 482
4.08 4.00
165,697 14,358
95,579 221
69,918 42
- 133
200 94
- 279
13,589
Total
212,011
97,324
70,300
22,219
738
551
20,879
Family Takaful Fund
Group 2008 6.24 1,147,411
26,377
16,144
26,783
85,398
112,695
880,014
Financial assets Islamic debt securities Secured financing Deposit and money market placement Staff financing
Financial assets Islamic debt securities Malaysian Government Islamic papers Secured and unsecured financing Deposit and money market placement
4.02
411,607
-
-
19,523
70,517
14,985
306,582
7.32
19,695
16,155
63
183
98
105
3,091
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
6.71
894,134
17,003
3,780
12,932
21,535
66,865
772,019
3.95
370,716
41,350
-
-
19,529
68,127
241,710
11.17
6,053
3,793
31
70
115
295
1,749
3.72
765,063
386,721
291,340
21,575
28,580
20,450
16,397
Total
2,035,966
448,867
295,151
34,577
69,759
155,737
1,031,875
Group 2007 Financial assets Islamic debt securities Malaysian Government Islamic papers Secured and unsecured financing Deposit and money market placement
127,885 1,189,687
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
155
Notes to the Financial Statements
39 Financial Risks (Continued) General Takaful Fund Group 2008 Financial assets Islamic debt securities Malaysian Government Islamic papers Secured and unsecured financing Deposit and money market placement
Effective Profit Rate Total % RM’000
Less than 1 year RM’000
1-2 years RM’000
2 -3 years RM’000
3-4 years RM’000
4-5 years RM’000
More than 5 years RM’000
5.48
145,057
9,989
-
10,064
15,454
10,000
99,550
4.04
92,151
-
-
5,005
28,036
-
59,110
9.72
2,024
2,024
-
-
-
-
-
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
5.84
92,115
1,999
-
-
-
5,500
84,616
3.85
94,002
2,446
-
-
5,007
27,398
59,151
9.79
2,700
2,700
-
-
-
-
-
Group 2007 Financial assets Islamic debt securities Malaysian Government Islamic papers Secured and unsecured financing Deposit and money market placement
3.75
201,752
102,186
80,400
5,850
9,490
3,826
-
Total
390,569
109,331
80,400
5,850
14,497
36,724
143,767
Shareholders’ Fund
6.50
5,613
-
-
-
-
-
5,613
3.47 3.55
64,538 12,003
64,338 12
- 47
200 59
- 289
- 351
11,245
Total
82,154
64,350
47
259
289
351
16,858
Company 2007 6.50 10.00
5,653 390
- 390
- -
- -
- -
- -
5,653 -
3.50 4.00
114,269 14,358
61,569 221
52,500 42
- 133
200 94
- 279
13,589
Total
134,670
62,180
52,542
133
294
279
19,242
Company 2008
Financial assets Islamic debt securities Deposit and money market placement Staff financing
Financial assets Islamic debt securities Secured financing Deposit and money market placement Staff financing
156
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
39 Financial Risks (Continued) Family Takaful Fund Company 2008 Financial assets Islamic debt securities Malaysian Government Islamic papers Secured and unsecured financing Deposit and money market placement
Effective Profit Rate Total % RM’000
Less than 1 year RM’000
1-2 years RM’000
2 -3 years RM’000
3-4 years RM’000
4-5 years RM’000
More than 5 years RM’000
6.24
1,131,270
24,910
15,130
25,060
80,228
109,247
876,695
4.02
411,607
-
-
19,523
70,517
14,985
306,582
9.72
3,073
3,073
-
-
-
-
-
99
-
3.46
695,022
627,019
21,575
25,980
20,349
Total
2,240,972
655,002
36,705
70,563
171,094
Company 2007
6.67
885,402
13,990
-
10,176
20,038
66,334
774,864
3.95
370,716
41,350
-
-
19,529
68,127
241,710
9.78
3,789
3,789
-
-
-
-
-
3.60
724,435
346,093
291,340
21,575
28,580
20,450
16,397
Total
1,984,342
405,222
291,340
31,751
68,147
154,911
1,032,971
General Takaful Fund
Company 2008
5.48
145,057
9,989
-
10,064
15,454
10,000
99,550
4.04
92,151
-
-
5,005
28,036
-
59,110
9.72
2,024
2,024
-
-
-
-
-
Financial assets Islamic debt securities Malaysian Government Islamic papers Secured and unsecured financing Deposit and money market placement
Financial assets Islamic debt securities Malaysian Government Islamic papers Secured and unsecured financing Deposit and money market placement
124,331 1,183,277
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
Company 2007
5.84
92,115
1,999
-
-
-
5,500
84,616
3.85
94,002
2,446
-
-
5,007
27,399
59,150
9.79
2,700
2,700
-
-
-
-
-
3.56
183,941
84,376
80,400
5,850
9,490
3,825
-
Total
372,758
91,521
80,400
5,850
14,497
36,724
143,766
Financial assets Islamic debt securities Malaysian Government Islamic papers Secured and unsecured financing Deposit and money market placement
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
157
Notes to the Financial Statements
40 Prior year adjustments and changes in accounting policies
a) Prior year adjustments During the current financial year, there was an adjustment relating to Family Takaful Fund of the Group due to revision of reserves for future policies benefits for a subsidiary in Indonesia. The revision in reserves of approximately RM20.437 million was adjusted against the retained profit of Shareholders’ Fund and accumulated surplus brought forward of Family Fund as at 1 July 2006 and 1 July 2007.
b) Changes in accounting policies In the current financial year, the Company and the Group have adopted FRS 117 Leases (effective for accounting periods beginning on or after 1 October 2006), the standard requires the classification of leasehold land as prepaid lease payments. Appropriate disclosures were shown in Notes 3 and 4 respectively. Accordingly, this change in accounting policy has been accounted for retrospectively and the comparatives as at 30 June 2007 were restated. Adoption of FRS 117 did not result in the retained profit to be restated. c) Effect of the prior year adjustments and changes in accounting policies The financial effect of the prior year adjustments and the changes in accounting policies to the opening retained profits of the Shareholders’ Fund and the respective Takaful funds as at 1 July 2006 and 2007 are as follows:
Shareholders Fund Group RM’000 Statement of Changes in Equity/Family Takaful Fund Retained profit/Accumulated Fund as at 1 July 2006 As previously reported 130,255 Effect of prior year adjustments for revision of policy reserves (22,500) As restated
Family Takaful RM’000
2,121,092 22,500
107,755
2,143,592
As previously reported Effect of prior year adjustments for revision of policy reserves
142,515 (23,433)
2,351,411 23,433
As restated
119,082
2,374,844
As previously reported Effect of prior year adjustments for revision of policy reserves
24,805 (933)
-
As restated
23,872
-
Family Takaful Revenue Account Profit attributable to participants As previously reported Effect of prior year adjustments for revision of policy reserves
- -
553 933
As restated
-
1,486
Statement of Changes in Equity/Family Takaful Fund Retained profit/Accumulated Fund as at 1 July 2007
Income Statement Profit for the year
158
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Notes to the Financial Statements
40 Prior year adjustments and changes in accounting policies (Continued)
c) Effect of the prior year adjustments and changes in accounting policies (continued)
The following comparative figures have been reclassified as a result of changes in accounting policies:
Group Company Shareholders’ Fund As restated As previously As restated As previously stated stated RM’000 RM’000 RM’000 RM’000 Balance sheets Property and equipment Prepaid lease payments
49,328 3,825
53,153 -
41,778 1,302
43,080 -
53,153
53,153
43,080
43,080
Management Expense Depreciation Amortisation of prepaid lease payments
20,692 (91)
20,601 -
15,922 (91)
15,831 -
20,601
20,601
15,831
15,831
Income Statements
41 Reserves
Subject to agreement by the Inland Revenue Board, the Company has sufficient Section 108 tax credit to frank approximately RM47.4 million of its retained profits at 30 June 2008 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.
42 Contingent liability
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. 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 no adjusted income for tax purposes. As such, capital allowances claimable for the years of assessment from 1997 to 2008 would be lost permanently.
The Malaysian Takaful Association and the Company are in discussion with the Ministry of Finance (MOF) and Inland Revenue Board for the capital allowances to be deducted from tax adjusted income in Shareholders’ Fund. 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 RM11.4 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 RM9.0 million.
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
159
Maklumat Hartanah Particulars of Properties No.
Lokasi/ Location
Penerangan Kegunaan/ Description of Existing Use
Hakmilik/ Tenure
Usia Bangunan/ Age of Building (tahun/years)
Keluasan Tanah, Kawasan Bina/ Land, Built-up Area (kaki persegi/ square feet)
Nilai Buku Bersih pada/ Net Book Value as at 30.06.2008 (RM)
Tarikh Penilaian Semula/ Date of Revaluation
1
Lot 11 & 12 Plaza Melaka Jalan Hang Tuah 75300 Melaka
Dua unit Rumah kedai/ Pejabat 4½ tingkat Two units of 4½ storey Shophouse/Office
Pegangan Bebas Freehold
25
3,485/ 14,434
1,486,314.00
30.06.2008
2
Lot 1 & 2 Kompleks Perniagaan Fajar 91000 Tawau Sabah
Tiga unit Kompleks Perniagaan/ Pejabat 4 tingkat Three units of 4 storey Commercial Complex/ Office
Pajakan bandar 999 tahun berakhir pada 31.12.2895 999 years town lease expiring on 31.12.2895
17
4,025/ 6,037
2,115,000.00
30.06.2008
3
No. 64 & 65 Kompleks Jitra Jalan Sungai Korok 06000 Jitra Kedah Darul Aman
Dua unit Rumah kedai/ Pejabat 2 tingkat Two units of 2 storey Shophouse/Office
Pegangan Bebas Freehold
22
3,095/ 6,935
545,000.00
30.06.2008
4
No. 23 Medan Istana 3 Bandar Ipoh Raya 30450 Ipoh Perak Darul Ridzuan
Satu unit Rumah kedai/ Pejabat 3 tingkat One unit of 3 storey Shophouse/Office
Pajakan 99 tahun berakhir pada 30.03.2081 99 years lease expiring on 30.03.2081
13
1,539/ 4,255
450,000.00
30.06.2008
5
No. 84 Batu 3 1/4 Jalan Gombak 53000 Kuala Lumpur
Satu unit Rumah kedai/ Pejabat 5 tingkat One unit of 5 storey Shophouse/Office
Pegangan Bebas Freehold
22
1,883/ 8,700
870,000.00
30.06.2008
6
Lot 6966, Blok 59 Muara Tuang Jalan Datok Mohd Musa 94300 Kota Samarahan Sarawak
Satu unit Rumah kedai/ Pejabat 3 tingkat One unit of 3 storey Shophouse/Office
Pajakan 60 tahun berakhir pada 31.12.2053 60 years lease expiring on 31.12.2053
13
1,312/ 3,750
650,000.00
30.06.2008
7
Lot 54 & 55 Bandar Wilayah Jasa Jalan Bunga Raya 91112 Lahad Datu Sabah
Dua unit Rumah kedai/ Pejabat 3 tingkat Two units of 3 storey Shophouse/Office
Pajakan bandar 99 tahun berakhir pada 31.12.2090 99 years town lease expiring on 31.12.2090
13
2,400/ 7,200
1,312,300.00
30.06.2008
8
No. 24 Jalan USJ 10/1B 47500 Subang Jaya Selangor Darul Ehsan
Satu unit Rumah kedai/ Pejabat 3 tingkat One unit of 3 storey Shophouse/Office
Pegangan Bebas Freehold
14
3,200/ 9,600
3,564,616.00
30.06.2008
160
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Maklumat Hartanah Particulars of Properties
No.
Lokasi/ Location
Penerangan Kegunaan/ Description of Existing Use
Hakmilik/ Tenure
Usia Bangunan/ Age of Building (tahun/years)
Keluasan Tanah, Kawasan Bina/ Land, Built-up Area (kaki persegi/ square feet)
Nilai Buku Bersih pada/ Net Book Value as at 30.06.2008 (RM)
Tarikh Penilaian Semula/ Date of Revaluation
9
No. 15 & 17 Jalan Kelibang Langkawi Mall 07000 Kuah, Langkawi Kedah Darul Aman
Dua unit Rumah kedai/ Pejabat 2 tingkat Two units of 2 storey Shophouse/Office
Pegangan Bebas Freehold
15
1,440/ 7,720
490,000.00
30.06.2008
10
No. 26 & 28 Jalan Perda Barat Bukit Mertajam Seberang Prai 14000 Penang
Dua unit Rumah kedai/ Pejabat 3 tingkat Two units of 3 storey Shophouse/Office
Pegangan Bebas Freehold
10
3,293/ 8,840
1,100,000.00
30.06.2008
11
Lot 2, 3 & 4 Jalan Kulas 93400 Kuching Sarawak
Tiga unit Rumah kedai/ Pejabat 3 tingkat Three units of 3 storey Shophouse/Office
Pegangan Bebas Freehold
13
4,817/ 18,892
4,770,259.00
30.06.2008
12
No. 14 & 16 Jalan Ibrahim 81900 Kota Tinggi Johor Darul Ta’zim
Dua unit Rumah kedai/ Pejabat 3 tingkat Two units of 3 storey Shophouse/Office
Pajakan 99 tahun Lot 14 berakhir pada 08.05.2082 Lot 16 berakhir pada 04.12.2078 99 years lease Lot 14 expiring on 08.05.2082 Lot 16 expiring on 04.12.2078
22
3,360/ 8,544
800,000.00
30.06.2008
13
No. 312 Jalan Bandar 13 Taman Melawati 53100 Kuala Lumpur
Satu unit Rumah kedai/ Pejabat 4 tingkat One unit of 4 storey Shophouse/Office
Pegangan Bebas Freehold
14
1,920/ 7,070
1,245,000.00
30.06.2008
14
Lot 9046, Fasa 1A Jalan Haji Manan 86000 Kluang Johor Darul Ta’zim
Satu unit Rumah kedai/ Pejabat 4 tingkat One unit of 4 storey Shophouse/Office
Pajakan 99 tahun 99 years lease
12
2,658/ 9,930
1,850,000.00
30.06.2008
15 No. 64 - D Leboh Bishop 10200 Pulau Pinang
Satu unit bangunan Pejabat 6 tingkat (9 level) One unit of 6 storey Office building (9 level)
Pegangan Bebas Freehold
31
3,972/ 19,630
4,950,000.00
30.06.2008
16 Darul Takaful Jalan Sultan Ismail 50250 Kuala Lumpur
Satu unit bangunan Pejabat 20 tingkat One unit of 20 storey Office building
Pegangan Bebas Freehold
20
35,192/ 98,485
60,000,000.00
30.06.2008
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
161
Maklumat Hartanah Particulars of Properties
No.
Lokasi/ Location
Penerangan Kegunaan/ Description of Existing Use
Hakmilik/ Tenure
Usia Bangunan/ Age of Building (tahun/years)
Keluasan Tanah, Kawasan Bina/ Land, Built-up Area (kaki persegi/ square feet)
Nilai Buku Bersih pada/ Net Book Value as at 30.06.2008 (RM)
Tarikh Penilaian Semula/ Date of Revaluation
17
Lot 13 & 14 Lazenda Commercial Centre Jalan Okk Abdullah 87007 Labuan
Dua unit bangunan Pejabat 3 tingkat Two units of 3 storey Office building
Pajakan 999 tahun berakhir pada 30.06.2902 999 years lease expiring on 30.06.2902
14
2,504/ 7,200
1,709,788.00
30.06.2008
18
Lot 6967, Blok 59 Muara Tuang Jalan Datok Mohd Musa 94300 Kota Samarahan Sarawak
Satu unit Rumah kedai/ Pejabat 3 tingkat One unit of 3 storey Shophouse/Office
Pajakan 60 tahun berakhir pada 31.12.2053 60 years lease expiring on 31.12.2053
13
1,312/ 3,750
650,000.00
30.06.2008
19
Lot 28, 30 & 32 Jalan 2/3A, Pasar Borong 68100 Selayang Selangor Darul Ehsan
Tiga unit Rumah kedai/ Pejabat 4 tingkat Three units of 4 storey Shophouse/Office
Pajakan 99 tahun berakhir pada 11.03.2086 99 years lease expiring on 11.03.2086
21
4,447/ 16,800
2,040,000.00
30.06.2008
20
Lot 12680 Level 1 & Mezzanine Jalan Bukit Timbalan 80000 Johor Bharu Johor Darul Ta’zim
Dua tingkat bangunan Pejabat 13 tingkat Two floors of 13 storey Office building
Pajakan 99 tahun berakhir pada 26.07.2080 99 years lease expiring on 26.07.2080
10
9,432/ 8,354
2,820,000.00
30.06.2008
21
Lot 12680 Level 3, Jalan Bukit Timbalan 80000 Johor Bharu Johor Darul Ta’zim
Satu tingkat bangunan Pejabat 13 tingkat One floor of 13 storey Office building
Pajakan 99 tahun berakhir pada 26.07.2080 99 years lease expiring on 26.07.2080
10
9,432/ 6,594
1,650,000.00
30.06.2008
22
Lot 14(S1) & 15(S1) Indah Point, Section 12 Pulau Indah Industrial Park 42000 Klang, West Port Selangor Darul Ehsan
Dua unit Rumah kedai/ Pejabat 4 tingkat (kosong) Two units of 4 storey Shophouse/Office (vacant)
Pajakan 99 tahun berakhir pada 24.02.2097 99 years lease expiring on 24.02.2097
9
3,300/ 10,560
900,000.00
30.06.2008
23
No. 1 & 2 Jalan Kelicap Taman Pekan Baru 34200 Parit Buntar Perak Darul Ridzuan
Dua unit Rumah kedai/ Pejabat 2 tingkat Two units of 2 storey Shophouse/Office
Pajakan 99 tahun berakhir pada 05.09.2078 99 years lease expiring on 05.09.2078
21
3,956/ 7,044
700,000.00
30.06.2008
162
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Maklumat Hartanah Particulars of Properties
No.
Lokasi/ Location
Penerangan Kegunaan/ Description of Existing Use
Hakmilik/ Tenure
Usia Bangunan/ Age of Building (tahun/years)
Keluasan Tanah, Kawasan Bina/ Land, Built-up Area (kaki persegi/ square feet)
Nilai Buku Bersih pada/ Net Book Value as at 30.06.2008 (RM)
Tarikh Penilaian Semula/ Date of Revaluation
24
No. 46 & 47, Darul Takaful Jalan Rahmat 83000 Batu Pahat Johor Darul Ta’zim
Dua unit Rumah kedai/ Pejabat 4 tingkat Two units of 4 Storey Shophouse/Office
Pegangan Bebas Freehold
19
3,220/ 12,092
1,540,000.00
30.06.2008
25
No. 180 & 181 Jalan Tuan Hitam 22000 Jerteh Terengganu Darul Iman
Dua unit Rumah kedai/ Pejabat 4 tingkat Two units of 4 storey Shophouse/Office
Pegangan Bebas Freehold
18
3,200/ 12,250
1,430,000.00
30.06.2008
26
Lot 82, 84 & 86 Jalan Rugbi 13/30 Seksyen 13 40100 Shah Alam Selangor Darul Ehsan
Tiga unit Rumah kedai/ Pejabat 2 tingkat Three units of 2 storey Shophouse/Office
Pegangan Bebas Freehold
9
6,339/ 11,309
2,240,000.00
30.06.2008
27
No. 229, Jalan Shahab 2 Shahab Perdana Jalan Sultanah Sambungan 05350 Alor Star Kedah Darul Aman
Satu unit Rumah kedai/ Pejabat 2 1/2 tingkat One unit of 2 1/2 storey Shophouse/Office
Pegangan Bebas Freehold
12
1,400/ 3,570
260,000.00
30.06.2008
28
Lot No. 3803 Jalan Dato’ Ulu Muar 72000 Kuala Pilah Negeri Sembilan Darul Khusus
Satu unit Rumah kedai/ Pejabat 3 tingkat One unit of 3 storey Shophouse/Office
Pajakan 99 tahun berakhir pada 06.10.2079 99 years lease expiring on 06.10.2079
9
2,001/ 3,120
450,000.00
30.06.2008
29
No. 45 Jalan Teluk Sisek 25000 Kuantan Pahang Darul Makmur
Satu unit Rumah kedai/ Pejabat 4 tingkat One unit of 4 storey Shophouse/Office
Pajakan 99 tahun berakhir pada 18.09.2068 99 years lease expiring on 18.09.2068
8
3,200/ 8,019
2,000,000.00
30.06.2008
30
Lot 21, 22, & 23 Pusat Komersil Temerloh 28000 Temerloh Pahang Darul Makmur
Tiga unit Rumah kedai/ Pejabat 2 1/2 tingkat Three units of 2 1/2 storey Shophouse/Office
Pajakan 99 tahun berakhir pada 01.04.2095 99 years lease expiring on 01.04.2095
8
4,195/ 15,050
1,320,000.00
30.06.2008
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
163
Maklumat Hartanah Particulars of Properties
No.
Lokasi/ Location
Penerangan Kegunaan/ Description of Existing Use
Hakmilik/ Tenure
Usia Bangunan/ Age of Building (tahun/years)
Keluasan Tanah, Kawasan Bina/ Land, Built-up Area (kaki persegi/ square feet)
Nilai Buku Bersih pada/ Net Book Value as at 30.06.2008 (RM)
Tarikh Penilaian Semula/ Date of Revaluation
31
No. 2 & 4 Jalan 6C/7 43650 Bandar Baru Bangi Selangor Darul Ehsan
Dua unit Rumah kedai/ Pejabat 2 tingkat Two units of 2 storey Shophouse/Office
Pajakan 99 tahun berakhir pada 08.07.2086 99 years lease expiring on 08.07.2086
21
6,383/ 8,032
1,500,000.00
30.06.2008
32
Lot 14 Arab Malaysian Business Centre Jalan Pasar 70000 Seremban Negeri Sembilan Darul Khusus
Satu unit Rumah kedai/ Pejabat 6 tingkat One unit of 6 storey Shophouse/ Office
Pegangan Bebas Freehold
12
1,500/ 14,589
3,375,000.00
30.06.2008
33
Tingkat Bawah & Mezzanine Wisma Abrar International Lot 54, Seksyen 8 15350 Kota Bharu Kelantan Darul Naim
Satu tingkat bangunan Pejabat 81/2 tingkat One floor of 81/2 storey Office building
Pegangan Bebas Freehold
11
7,925 *
3,700,000.00
30.06.2008
34
No. 29, Jalan Delima Pusat Perdagangan Pontian 80000 Pontian Johor Darul Ta’zim
Satu unit Rumah kedai/ Pejabat 3 Tingkat One unit of 3 storey Shophouse/Office
Pajakan 99 tahun berakhir pada 25.09.2097 99 years lease expiring on 26.09.2097
7
3,899/ 10,248
1,400,000.00
30.06.2008
35
Lot 11 & 12 Kompleks Seri Temin Jalan Ibrahim 08000 Sungai Petani Kedah Darul Aman
Dua unit Rumah kedai/ Pejabat 4 tingkat Two units of 4 storey Shophouse/Office
Pajakan 99 tahun berakhir pada 03.10.2080 99 years lease expiring on 03.10.2080
23
2,800/ 11,020
1,300,000.00
30.06.2008
36
Lot 1129 & 1130 Bangunan Darul Takaful Jalan Sultan Ismail 20100 Kuala Terengganu Terengganu Darul Iman
Satu unit bangunan Pejabat 12 tingkat One unit of 12 storey Office building
Pajakan kecil 45 tahun berakhir pada 28.02.2047 45 years sub lease expiring on 28.02.2047
6
3,600/ 23,637
6,000,000.00
30.06.2008
37
No. 616 & 617 Jalan Besar Bandar Tampin 73000 Negeri Sembilan Darul Khusus
Dua unit bangunan Pejabat 2 tingkat Two units of 2 storey Office building
Pajakan 99 tahun berakhir pada 05.10.2088 99 year lease expiring on 05.10.2088
16
4,498/ 8,685
950,000.00
30.06.2008
164
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Maklumat Hartanah Particulars of Properties
No.
Lokasi/ Location
Penerangan Kegunaan/ Description of Existing Use
Hakmilik/ Tenure
Usia Bangunan/ Age of Building (tahun/years)
Keluasan Tanah, Kawasan Bina/ Land, Built-up Area (kaki persegi/ square feet)
Nilai Buku Bersih pada/ Net Book Value as at 30.06.2008 (RM)
Tarikh Penilaian Semula/ Date of Revaluation
38 No. 6, Jalan 6C/7 43650 Bandar Baru Bangi Selangor Darul Ehsan
Satu unit Rumah kedai/ Pejabat 2 tingkat One unit of 2 storey Shophouse/Office
Pajakan 99 tahun berakhir pada 08.07.2086 99 year lease expiring on 08.07.2086
21
1,905/ 3,508
650,000.00
30.06.2008
39
Unit 3B/G Tingkat Bawah Blok 3B, Plaza Sentral Jalan Stesen Sentral 5 50470 Kuala Lumpur
Satu tingkat bangunan Pejabat 22 tingkat One floor of 22 storey Office building
Pegangan bebas Freehold
7
6,409*
5,500,000.00
30.06.2008
40
No. 26 & 27 Jalan Tanjung Pasar Baru 18500 Machang Kelantan Darul Naim
Dua unit bangunan Pejabat 2 tingkat Two units of 2 storey Office building
Pajakan 99 tahun berakhir pada 13.11.2080 99 years lease expiring on 13.11.2080
27
1,600/ 4,000
560,000.00
30.06.2008
41
No. 330 & 331 Jalan Sultan Yahya Petra 15720 Kota Bharu Kelantan Darul Naim
Dua unit bangunan Pejabat 4 1/2 tingkat Two units of 4 1/2 storey Office building
Pajakan 99 tahun berakhir pada 09.12.2069 99 years lease expiring on 09.12.2069
26
3,200/ 15,200
1,700,000.00
30.06.2008
42
Dataran Kewangan Darul Takaful Jalan Sultan Sulaiman 50000 Kuala Lumpur
Dua unit bangunan Pejabat Blok Utama - 26 tingkat Blok Annex - 29 tingkat Two units of Office building Main Block - 26 storey Annex Block - 29 storey
Pegangan Bebas Freehold
Blok Utama/ Main Block - 35 Blok Annex/ Annexe Block - 28
90,427/ 393,508
140,000,000.00
30.06.2008
43
No. 2408 Taman Samudera 32040 Sri Manjung Perak Darul Ridzuan
Satu unit Rumah kedai/ Pejabat 2 tingkat One unit of 2 storey Shophouse/Office
Pajakan 99 tahun berakhir pada 19.05.2091 99 years lease expiring on 19.05.2091
12
2,800/ 5,300
840,000.00
30.06.2008
44
No. 76A & 76 Pusat Perniagaan Jalan Tupai 34000 Taiping Perak Darul Ridzuan
Dua unit bangunan Pejabat 3 tingkat Two units of 3 storey Office building
Pegangan Bebas Freehold
5
3,134/ 18,304
1,530,000.00
30.06.2008
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
165
Maklumat Hartanah Particulars of Properties
No.
Lokasi/ Location
Penerangan Kegunaan/ Description of Existing Use
Hakmilik/ Tenure
Usia Bangunan/ Age of Building (tahun/years)
Keluasan Tanah, Kawasan Bina/ Land, Built-up Area (kaki persegi/ square feet)
Nilai Buku Bersih pada/ Net Book Value as at 30.06.2008 (RM)
Tarikh Penilaian Semula/ Date of Revaluation
45
No. 10 & 11 Jalan Sultan Yahya Petra 15200 Kota Bharu Kelantan Darul Naim
Dua unit bangunan Pejabat 3 tingkat Two units of 3 storey Office building
Pajakan 33 tahun berakhir pada 08.09.2037 33 years lease expiring on 08.09.2037
6
3,852/ 9,120
1,800,000.00
30.06.2008
46
No. 4197 Jalan Teluk Wanjah 05200 Alor Star Kedah Darul Aman
Satu unit bangunan Pejabat 4 tingkat One unit of 4 storey Office building
Pegangan Bebas Freehold
6
8,716/ 18,440
3,700,000.00
30.06.2008
47 No. 10 & 8, Jalan Padi Emas 5/2, Bandar Baru UDA 81200 Johor Bharu, Johor Darul Ta’zim
Dua unit bangunan Pejabat 3 tingkat Two unit of 3 storey Office building
Pajakan 99 tahun berakhir pada 16.02.2099 99 years lease expiring on 16.02.2099
3
3,080/ 8,024
1,300,000.00
30.06.2008
48
No. 4, Kompleks Seri Temin Jalan Ibrahim 08000 Sungai Petani, Kedah Darul Aman
Satu unit bangunan Pejabat 4 tingkat One unit of 4 storey Office building
Pajakan 99 tahun berakhir pada 03.10.2080 99 years lease expiring on 03.10.2080
23
1,400/ 5,510
650,000.00
30.06.2008
49 No. 16, Jalan Cenderawasih Jalan Kilang Lama 09000 Kulim, Kedah Darul Aman
Satu unit bangunan Pejabat 3 tingkat One unit of 3 storey Office building
Pegangan Bebas Freehold
9
1,600/ 4,172
370,000.00
30.06.2008
50 Lot 1340, Miri Waterfront Commercial Centre, 98000 Miri Sarawak
Satu unit bangunan Pejabat 4 tingkat One unit of 4 storey Office building
Pajakan 60 tahun berakhir 30.09.2052 60 years lease expiring on 30.09.2052
4
1,400/ 5,500
1,000,000.00
30.06.2008
51
Satu unit bangunan Pejabat 3 tingkat One unit of 3 storey Office building
Pajakan 99 tahun berakhir pada 16.02.2099 99 years lease expiring on 16.02.2099
3
1,540/ 4,012
650,000.00
30.06.2008
52 No. 148, Kompleks Munshi Abdullah 75200 Melaka
Satu unit bangunan Pejabat 4 ½ tingkat One unit of 4 ½ storey Office building
Pajakan 99 tahun berakhir pada 23.04.2102 99 years lease expiring on 23.04.2102
15
1,470/ 6,117
790,000.00
30.06.2008
53
Dua unit bangunan Pejabat 3 tingkat Two unit of 3 storey Office building
Pajakan 99 tahun berakhir pada 29.06.2092 99 years lease expiring on 29.06.2092
9
3,218/ 9,280
1,300,000.00
30.06.2008
No. 6, Jalan Padi Emas 5/2, Bandar Baru UDA 81200 Johor Bharu, Johor Darul Ta’zim
No. 16474 & 16475, Pusat Perniagaan Inderapura, Jalan Tras Raub, Pahang Darul Makmur Jumlah/Total
* Kawasan Bina/Build up Area
166
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
286,473,277.00
Statistik Pegangan Saham Shareholdings Statistics Modal Saham/Share Capital Modal Dibenarkan Authorised capital
: 500,000,000 saham biasa bernilai RM1.00 sesaham 500,000,000 ordinary shares of RM1.00 each
Modal yang diterbitkan dan dibayar sepenuhnya pada 10 Oktober 2008 : 162,817,000 saham biasa bernilai RM1.00 sesaham Issued and fully paid-up capital as at 10 October 2008 162,817,000 ordinary shares of RM1.00 each Jumlah pemegang saham pada 10 Oktober 2008 No. of shareholders as at 10 October 2008
: 1,670
Kelas saham Class of shares
: Saham biasa bernilai RM1.00 sesaham Ordinary shares of RM1.00 each
Hak mengundi Voting right
: 1 undi bagi setiap saham biasa 1 vote per ordinary share
Pemegang-Pemegang Saham Utama (5% Dan Lebih) Substantial Shareholders’ Shareholdings (5% And Above) Nama Pemegang Saham Name of Shareholders
Jumlah Saham Number of Shares
Peratus (%) Percentage (%)
BIMB Holdings Berhad
106,183,675
65.22
Jumlah/Total
106,183,675
65.22
Jumlah Saham Number of Shares
Peratus (%) Percentage (%)
-
-
Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil
-
-
Y. A. M. Tengku Dato’ Sri Azman Ibni Almarhum Sultan Abu Bakar
-
-
Puan Rozaida bt. Omar
-
-
Encik Mahadzir b. Azizan
-
-
Y. Bhg. Dato’ Sulaiman b. Mohd Yusof
-
-
Encik Johan b. Abdullah
-
-
Pegangan Saham Para Pengarah Pada 10 Oktober 2008 Directors’ Shareholdings as at 10 October 2008 Nama Pengarah Name of Directors Y. Bhg. Tan Sri Dr. Hadenan b. A. Jalil
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
167
Statistik Pegangan Saham Shareholdings Statistics
Analisa Pegangan Saham Mengikut Saiz Pada 10 Oktober 2008 Analysis By Size Of Shareholdings as at 10 October 2008 Saiz Pegangan Saham Size of Shareholdings Kurang dari 100 Less than 100
Bilangan Pemegang Saham Number of Shareholders
Peratus (%) Percentage (%)
Jumlah Pegangan Saham Number of Shareholdings
Peratus (%) Percentage (%)
54
3.23
1,400
0.00
234
14.01
161,605
0.09
1,138
68.14
3,646,450
2.24
10,001 - 100,000
191
11.45
6,214,700
3.82
100,001 sehingga kurang daripada 5% saham diterbitkan 100,001 to less than 5% of issued shares
52
3.11
46,609,170
28.63
5% dan lebih saham diterbitkan 5% and above of issued shares
1
0.06
106,183,675
65.22
1,670
100.00
162,817,000
100.00
100 - 1,000 1,001 - 10,000
Jumlah/Total
Tiga Puluh (30) Pemegang Saham Terbesar Pada 10 Oktober 2008 Thirty (30) Largest Shareholders as at 10 October 2008 Nama Pemegang Saham Names of Shareholders
Jumlah Saham Number of Shares
Peratus (%) Percentage (%)
BIMB Holdings Berhad
106,183,675
65.22
Bimsec Nominees (Asing) Sdn Bhd (Islamic Development Bank)
7,000,000
4.30
Employees Provident Fund Board
6,233,020
3.83
Affin Nominees (Tempatan) Sdn Bhd (Affin Fund Management Sdn Bhd for Majlis Ugama Islam Dan Adat Resam Melayu Pahang)
4,602,000
2.83
RHB Nominees (Asing) Sdn Bhd (RUSD Investment Bank Inc.)
4,109,900
2.52
Lembaga Kemajuan Tanah Persekutuan (FELDA)
2,961,400
1.82
Majlis Agama Islam Negeri Sembilan
2,070,900
1.27
168
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Statistik Pegangan Saham Shareholdings Statistics
Nama Pemegang Saham Name of Shareholders
Jumlah Saham Number of Shares
Peratus (%) Percentage (%)
HSBC Nominees (Asing) Sdn Bhd (Exempt An for Credit Suisse (SG BR-TST-Asing) )
1,883,200
1.16
Cimsec Nominees (Tempatan) Sdn Bhd (Exempt An for CMS Trust Management Bhd)
1,623,100
1.00
Kenanga Nominees (Tempatan) Sdn Bhd (Pledged Securities Account for Majlis Agama Islam Dan Adat Melayu Terengganu (STC))
1,554,600
0.95
Saleem Abdullatif Mustafa
1,283,000
0.79
Cheah Ah Heng @ Cheah Saw Choo
1,000,000
0.61
Majlis Agama Islam Melaka
998,250
0.61
Citigroup Nominees (Tempatan) Sdn Bhd (Pledged Securities Account for Cheah See Han (471145) )
830,700
0.51
Kumpulan Wang Simpanan Pekerja
500,000
0.31
Universiti Sains Malaysia
500,000
0.31
Mah Yu Lan
500,000
0.31
Mah Yu Lan
500,000
0.31
Citigroup Nominees (Tempatan) Sdn Bhd (Exempt An for Prudential Fund Management Berhad)
468,300
0.29
Mayban Nominees (Tempatan) Sdn Bhd (Pledged Securities Account for Yeoh Ah Tu)
448,000
0.28
A.A. Anthony Nominees (Tempatan) Sdn Bhd (Pledged Securities Account for Vimala Sgulboonrasi)
430,000
0.26
HDM Nominees (Asing) Sdn Bhd (DBS Vickers Secs (S) Pte Ltd for Mcneill Michael Mbamali)
413,000
0.25
Majlis Agama Islam Dan Adat Melayu Perak Darul Ridzuan
400,000
0.25
Amin Baitulmal Johor
400,000
0.25
Khoo Eng @ Khoo Bee Wah
400,000
0.25
Cartaban Nominees (Asing) Sdn Bhd (Exempt An for Credit Industrial ET Commercial (AC Client) )
364,400
0.22
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
169
Statistik Pegangan Saham Shareholdings Statistics
Nama Pemegang Saham Name of Shareholders
Jumlah Saham Number of Shares
Peratus (%) Percentage (%)
BHLB Trustee Berhad Prusmall-Cap Fund
359,000
0.22
Miss Wipaporn Limprana
350,000
0.21
Rommel Josef
330,000
0.20
PKNS Infra Berhad
320,000
0.20
149,016,445
91.54
Jumlah/Total
170
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
Rangkaian Cawangan Branch Network WILAYAH PERSEKUTUAN 1. W01 Ibu Pejabat Tingkat 26, Blok Annex Dataran Kewangan Darul Takaful No.4 Jalan Sultan Sulaiman 50000 Kuala Lumpur Tel : 03–22681984 Faks : 03–22740237 Toll Free : 1–300–8–8252385 Web : http://www.takaful-malaysia.com 2. W03 Cawangan Jalan Tun Razak Lot 1, Tingkat 17 Bangunan Ibu Pejabat Tabung Haji 201 Jalan Tun Razak 50400 Kuala Lumpur Tel : 03–2162 1307 Fax : 03–2164 7446 3. W04 Cawangan KL Sentral Lot CS / 3B / G, Tingkat Bawah Plaza Sentral, Jalan Stesen Sentral 5 50470 Kuala Lumpur Tel : 03–2273 7691 Fax : 03–2274 1907 4. W05 Cawangan Taman Melawati No. 312C, Tingkat 2, Darul Takaful Jalan Bandar 13, Taman Melawati 53100 Kuala Lumpur Tel : 03–4106 5854 : 03–4106 3718 Fax : 03–4106 5869 5. W09 Cawangan Putrajaya Tingkat 1, Blok E 16 Parcel E, Precinct 1 Anjung 62000 Putrajaya Wilayah Persekutuan Tel : 03–8889 5261 Fax : 03–8889 5262 6. KL01 Cawangan Kuala Lumpur Tingkat Bawah, Blok Annex Menara Tun Razak, Jalan Raja Laut 50350 Kuala Lumpur Tel : 03–2698 7039 : 03–2698 7034 Fax : 03–2691 7511
7.
Z33 Treasury Business Centre Aras 1, Blok Selatan Perbendaharaan 2 Kompleks Kementerian Kewangan No. 7, Persiaran Perdana Presint 2, Pusat Pentadbiran Kerajaan Persekutuan 62592 Putrajaya Wilayah Persekutuan Tel : 03–8890 3588 Fax : 03–8890 3599
SELANGOR DARUL EHSAN 8. B01 Cawangan Klang Lot 17, Tingkat 1, Jalan Taman 41400 Klang Selangor Darul Ehsan Tel : 03–3341 8204 : 03–3344 8713 : 03–3344 6055 Fax : 03–3344 5724 9. B04 Cawangan Shah Alam S13 Tingkat Bawah, Darul Takaful Lot No. 82, 84, 86 Jalan Rugbi 13/30, Seksyen 13 40100 Shah Alam Selangor Darul Ehsan Tel : 03–5511 7943 : 03–5511 7944 : 03–5511 7945 : 03–5510 7668 Fax : 03–5511 7946 10. B06 Cawangan Petaling Jaya No.10-2 & 12-2, Tingkat 1 Jalan 14/22, The Right Angle 46100 Petaling Jaya Selangor Darul Ehsan Tel : 03–7955 2723 : 03–7957 9533 : 03–7958 3533 Fax : 03–7958 3533 11. B08 Cawangan Kajang No. 5A, Plaza Kajang Jalan Dato’ P. Algendra 1 43000 Kajang Selangor Darul Ehsan Tel : 03–8734 6479 : 03–8737 6591 Fax : 03–8734 6480
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
171
Rangkaian Cawangan Branch Network
12. B09 Cawangan Subang Jaya No. 24, Tingkat 2, Darul Takaful Jalan USJ 10/1B 47500 Subang Jaya Selangor Darul Ehsan Tel : 03–5637 9387 Fax : 03–5637 9391 13. B10 Cawangan Tanjong Karang No. 732 A, Tingkat Atas Rumah Kedai Mara 45500 Tanjong Karang Selangor Darul Ehsan Tel : 03–3269 3197 : 03–3269 8011 Fax : 03–3269 3712 14. B12 Cawangan Shah Alam S9 No. 15, Tingkat 1 Jalan Tengku Ampuan Zabedah 9/B Seksyen 9 40000 Shah Alam Selangor Darul Ehsan Tel : 03–5519 6141 : 03–5510 5248 : 03–5510 2162 Fax : 03–5510 6249 15. B14 Pusat Perkhidmatan Pelanggan Carrefour Lot F2.03, Tingkat F2, Carrefour Subang Jaya No. 3 Jalan SS 16/1 47500 Subang Jaya Selangor Darul Ehsan Tel : 03–5636 3221 Fax : 03–5637 3635 16. B15 Cawangan Rawang No. 33A, Tingkat 1, Jalan Bandar Rawang 2 Pusat Bandar Rawang 48000 Rawang Selangor Darul Ehsan Tel : 03–6092 6702 Fax : 03–6092 7372
172
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
KEDAH DARUL AMAN 17. K01 Cawangan Alor Setar No. 229, Jalan Shahab 2, Shahab Perdana Jalan Sultanah Sambungan 05150 Alor Setar Kedah Darul Aman Tel : 04–733 4722 : 04–730 7472 : 04–731 9933 Fax : 04–730 2414 18. K02 Cawangan Sungai Petani No. 4, Kompleks Seri Temin Jalan Ibrahim 08000 Sungai Petani Kedah Darul Aman Tel : 04–421 4510 : 04–425 6588 : 04–423 0716 Fax : 04–425 7588 19. K03 Cawangan Kulim No. 16, Taman Cenderawasih Jalan Tuanku Putra 09000 Kulim Kedah Darul Aman Tel : 04–490 6306 : 04–495 0615 Fax : 04–491 1241 20. K04 Cawangan Jitra No. 70, Tingkat 1, Kompleks Jitra Jalan Sungai Korok 06000 Jitra Kedah Darul Aman Tel : 04–917 4090 : 04–917 3976 Fax : 04–916 2437 21. K05 Cawangan Baling Lot 3, Tingkat 2, Bangunan Tabung Haji Jalan Bandar Baru Baling 09100 Baling Kedah Darul Aman Tel : 04–470 4481 : 04–470 7980 Fax : 04–470 6711
Rangkaian Cawangan Branch Network
22. K06 Cawangan Langkawi No. 15, Tingkat 1, Darul Takaful Jalan Kelibang, Langkawi Mall 07000 Kuah Kedah Darul Aman Tel : 04–966 6242 : 04–966 0052 Fax : 04–966 6394
PERLIS INDERA KAYANGAN 23. R01 Cawangan Kangar No. 55, Tingkat 1, Lorong Seruling Jalan Bukit Lagi 01000 Kangar Perlis Indera Kayangan Tel : 04–976 2901 : 04–977 7804 : 04–977 1889 Fax : 04–977 7805 PULAU PINANG 24. P01 Cawangan Bandar Perda No. 28, Jalan Perda Barat 1 Bandar Baru Perda 14000 Bukit Mertajam Pulau Pinang Tel :04–537 8573 :04–538 8479 Fax :04–537 8650 25. P02 Cawangan Bukit Jambul 8C-1, Jalan Tun Dr. Awang Sungai Nibong Kecil, Bukit Jambul 11900 Bayan Lepas Pulau Pinang Tel : 04–641 2414 : 04–642 8211 Fax : 04–646 0255 26. P03 Cawangan Georgetown No. 64-D, Aras 8, Darul Takaful Leboh Bishop 10200 Georgetown Pulau Pinang Tel : 04–263 7719 : 04–263 8376 Fax : 04–263 8400
27. P05 Cawangan Kepala Batas No. 2148, Tingkat Bawah & 1 Jalan Bertam 13200 Kepala Batas Seberang Perai Utara, Pulau Pinang Tel : 04–574 1594 : 04–575 9278 Fax : 04–574 1596 28. P09 Cawangan Gelugor No. 2480, Tingkat Bawah Jalan Sultan Azlan Shah 11700 Gelugor Pulau Pinang Tel : 04–658 8240 Fax : 04–658 8243
PERAK DARUL RIDZUAN 29. A01 Cawangan Ipoh No. 23A, Medan Istana 3 Bandar Ipoh Raya 30000 Ipoh Perak Darul Ridzuan Tel : 05–255 3888 : 05–242 1824 : 05–243 5201 Fax : 05–255 1462 30. A02 Cawangan Bandar Baru Sri Manjung No. 2406, Taman Samudera 32040 Sri Manjung Perak Darul Ridzuan Tel : 05–688 1186 : 05–688 6211 Fax : 05–688 7211 31. A03 Cawangan Taiping No 76, Tingkat 1 & 2, Darul Takaful Pusat Perniagaan Taiping Jalan Tupai 34000 Taiping Perak Darul Ridzuan Tel : 05–807 9876 : 05–807 6588 : 05–804 1782 Fax : 05–808 7588
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
173
Rangkaian Cawangan Branch Network
32. A04 Cawangan Parit Buntar No. 2, Tingkat 1 Jalan Kelichap, Pekan Baru 34200 Parit Buntar Perak Darul Ridzuan Tel : 05–716 1003 : 05–717 2653 Fax : 05–717 2733 33. A06 Cawangan Telok Intan Lot. 51-1, Jalan Intan 2, Bandar Baru 36000 Telok Intan Perak Darul Ridzuan Tel : 05–622 7790 : 05–622 6202 Fax : 05–622 9311 34. A07 Cawangan Kuala Kangsar Lot. 556, Tingkat 2, Bangunan Tabung Haji Jalan Daeng Selili 33000 Kuala Kangsar Perak Darul Ridzuan Tel : 05–777 3528 : 05–777 5842 Fax : 05–777 3529 35. A09 Cawangan Tapah Lot 5990A, Tingkat 1 Jalan Raja 35000 Tapah Perak Darul Ridzuan Tel : 05–401 7576 : 05–401 5706 Fax : 05–401 6588 36. A10 Cawangan Tanjong Malim Lot 427, No 35-1 Jalan Bunga Anggerik Taman Bunga Raya 35900 Tanjung Malim Perak Darul Ridzuan Tel : 05–458 2115 : 05–459 6896 Fax : 05–458 2116 37. A12 Cawangan Bandar Seri Iskandar No. 8A, Jalan Utama Seri Iskandar Utama 32600 Bota Perak Darul Ridzuan Tel : 05–371 1178 Fax : 05–371 1179
174
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
NEGERI SEMBILAN DARUL KHUSUS 38. N01 Cawangan Seremban Darul Takaful, Suite 14-4 Arab Malaysia Business Centre Jalan Pasar 70000 Seremban Negeri Sembilan Darul Khusus Tel : 06–763 4604 : 06–763 0369 : 06–767 5306 Fax : 06–764 9528 39. N03 Cawangan Port Dickson No. 320, Tingkat 1, Jalan Bandar 71000 Port Dickson Negeri Sembilan Darul Khusus Tel : 06–647 1227 : 06–647 0568 Fax : 06–647 1211 40. N04 Cawangan Tampin Lot. 40 & 41, Tingkat 1 Jalan Besar Pulau Sebang 73000 Tampin Negeri Sembilan Darul Khusus Tel : 06–441 2363 : 06–441 9722 Fax : 06–441 9121 41. N07 Cawangan Bahau No. 19, Tingkat 1, Jalan Mahligai 72100 Bahau Negeri Sembilan Darul Khusus Tel : 06–454 0796 Fax : 06–454 0681
MELAKA BANDARAYA BERSEJARAH 42. M01 Cawangan Melaka No. 95 G/7, Tingkat Bawah Jalan Melaka Raya 24, Taman Melaka Raya 75000 Melaka Tel : 06–284 9633 : 06–288 3054 Fax : 06–288 1341
Rangkaian Cawangan Branch Network
43. M02 Cawangan Masjid Tanah SU 953, Jalan Bandar Baru 6 Taman Bandar Baru Masjid Tanah 78300 Masjid Tanah Melaka Tel : 06–384 7233 Fax : 06–384 8533 44. M03 Cawangan Jasin JA 6127, Tingkat Bawah Taman Maju 77000 Jasin Melaka Tel : 06–529 1067 Fax : 06–529 8418
48. J04 Cawangan Batu Pahat Tingkat 2, No. 46 & 47, Darul Takaful Jalan Rahmat 83000 Batu Pahat Johor Darul Ta’zim Tel : 07–434 8560 : 07–432 5673 Fax : 07–433 2729 49. J05 Cawangan Mersing No. 39, Tingkat 1, Jalan Wawasan 1 Taman Wawasan 86800 Mersing Johor Darul Ta’zim Tel : 07–799 1898 : 07–799 7901 Fax : 07–799 5152
JOHOR DARUL TA’ZIM 45. J01 Cawangan Johor Bahru No. 8, Aras 3, Menara Perisind Jalan Bukit Timbalan 80000 Johor Bahru Johor Darul Ta’zim Tel : 07–224 0369 : 07–224 5426 : 07–226 4645 Fax : 07–224 2089 46. J02 Cawangan Pontian No. 52, Lot PTB 12821, Jalan Delima Pusat Perdagangan Pontian 82000 Pontian Johor Darul Ta’zim Tel : 07–687 0727 : 07–687 1359 Fax : 07–687 1381 47. J03 Cawangan Muar No. 5-4, Tingkat Bawah Jalan Ibrahim 84000 Muar Johor Darul Ta’zim Tel : 06–952 8808 : 06–955 6206 : 06–952 2102 Fax : 06–953 1609
50. J06 Cawangan Kluang 20, Tingkat 2, Darul Takaful Jalan Haji Manan 86000 Kluang Johor Darul Ta’zim Tel : 07–774 1053 : 07–772 1757 Fax : 07–776 8285 51. J08 Cawangan Segamat No. 28A, Tingkat 1 Jalan Buluh Kasap 85000 Segamat Johor Darul Ta’zim Tel : 07–932 2217 Fax : 07–933 3046 52. J09 Cawangan Pasir Gudang No. 24, Tingkat Bawah Pusat Perdagangan Pasir Gudang Jalan Bandar 81700 Pasir Gudang Johor Darul Ta’zim Tel : 07–252 0910 : 07–252 1679 Fax : 07–252 0919
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
175
Rangkaian Cawangan Branch Network
PAHANG DARUL MAKMUR 53. C01 Cawangan Kuantan Darul Takaful, No. 45, Tingkat 3 Jalan Teluk Sisek 25000 Kuantan Pahang Darul Makmur Tel : 09–514 1799 : 09–513 8980 : 09–513 0155 Fax : 09–513 1902 54. C02 Cawangan Temerloh No. 27, Jalan Dato’ Bahaman 3 Darul Takaful Pusat Dagangan Temerloh 28000 Temerloh Pahang Darul Makmur Tel : 09–296 5560 : 09–296 2595 Fax : 09–296 5417 55. C03 Cawangan Raub No. 41, Tingkat 1 Jalan Datuk Abdullah 27650 Raub Pahang Darul Makmur Tel : 09–355 5277 Fax : 09–355 8699 56. C08 Cawangan Pekan Tingkat 1, No. 44, Mezzanine Floor Jalan Tengku Ariff Bendahara 26600 Pekan Pahang Darul Makmur Tel : 09–422 8896 Fax : 09–422 6952
58. T02 Cawangan Kemaman Lot 2.07 & 2.08, Tingkat 2 Wisma Serangkai Jalan Sulaimani, Cukai 24000 Kemaman Terengganu Darul Iman Tel : 09–859 4796 : 09–858 6878 Fax : 09–858 3455 59. T03 Cawangan Jerteh Lot 318, Tingkat 1 Jalan Tangki Air Taman Jerteh 22000 Jerteh, Besut Terengganu Darul Iman Tel : 09–697 1989 : 09–690 4571 Fax : 09–690 4529 60. T04 Cawangan Dungun K-17, Tingkat Bawah Jalan Baru Pak Sabah 23000 Dungun Terengganu Darul Iman Tel : 09–848 3022 : 09–845 6871 Fax : 09–845 8550 61. T06 Cawangan Kerteh Lot 7155, Tingkat 1, Jalan Guntong 2 Bandar Seri Kerteh 24300 Kerteh Terengganu Darul Iman Tel : 09–826 6926 Fax : 09–826 6980
KELANTAN DARUL NAIM TERENGGANU DARUL IMAN 57. T01 Cawangan Kuala Terengganu Lot 1129 & 1130, Tingkat 2 & 3 Darul Takaful Jalan Sultan Ismail, Off Jalan Banggol 20100 Kuala Terengganu Terengganu Darul Iman Tel : 09–623 3211 : 09–624 9486 : 09–622 3211 Fax : 09–623 9098
176
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
62. D01 Cawangan Kota Bharu Lot 331 & 332, Tingkat Bawah Darul Takaful Jalan Sultan Yahya Petra, Wakaf Siku 15200 Kota Bharu Kelantan Darul Naim Tel : 09–744 7277 : 09–747 8700 : 09–744 1408 : 09–743 9362 Fax : 09–748 6864
Rangkaian Cawangan Branch Network
63. D02 Cawangan Machang Lot 27, Tingkat 1 Jalan Tanjung 18500 Machang Kelantan Darul Naim Tel : 09–975 1789 : 09–975 8553 Fax : 09–975 7626 64. D03 Cawangan Pasir Mas Lot 215, Tingkat 1 Jalan Pasir Mas- Kota Bharu 17000 Pasir Mas Kelantan Darul Naim Tel : 09–790 2126 Fax : 09–791 3541 65. D05 Cawangan Gua Musang Lot 4 & 5, Tingkat 1 Bangunan Tabung Haji Gua Musang 18300 Gua Musang Kelantan Darul Naim Tel : 09–912 4631 Fax : 09–912 5861
68. Q04 Cawangan Sibu No. 10H, Lot. 1735, Tingkat 1 Bangunan Koperasi Seduan Jalan Kampong Datuk 96000 Sibu Sarawak Tel : 084–348 346 Fax : 084–325 276
69. Q05 Cawangan Mukah Lot 508-8, Tingkat 1 Mukah Newtownship Jalan Orang Kaya Setiaraja 96400 Mukah Sarawak Tel : 084–873 734 Fax : 084–873 761 70. Q07 Cawangan Kota Samarahan Lot 6967, Darul Takaful Jalan Dato’ Mohd Musa 94300 Kota Samarahan Sarawak Tel : 082–672 545 Fax : 082–672 560
SARAWAK 66. Q01 Cawangan Kuching Lot 435, Tingkat 1 & 2, Darul Takaful Bangunan Tuanku Haji Mohammad Al-Edrus Jalan Kulas 93400 Kuching Sarawak Tel : 082–242 725 : 082–235 121 : 082–247 904 : 082–252 045 Fax : 082–234 191 67. Q03 Cawangan Miri Darul Takaful Lot 1340, Tingkat Bawah & 1 Miri Waterfront Commercial Centre Jalan Waterfront 98000 Miri Sarawak Tel : 085–425 961 : 085–420 651 Fax : 085–411 724
SABAH 71. S01 Cawangan Kota Kinabalu Lot A 202 & 203, Tingkat 2, Blok A Wisma Muis, Jalan Tengku Abdul Rahman Peti Surat 16402, 88850 Kota Kinabalu Sabah Tel : 088–240 212 : 088–240 312 Fax : 088–240 313 72. S02 Cawangan Tawau TB 268, Tingkat 1 Jalan Mahkamah Kompleks Fajar 91000 Tawau Sabah Tel : 089–776 510 : 089–770 960 Fax : 089–756 697
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
177
Rangkaian Cawangan Branch Network
73. S03 Cawangan Labuan Lot 14, Tingkat 2, Darul Takaful Lazenda Commercial Centre Jalan Okk Abdullah 87007 Wilayah Persekutuan Labuan Tel : 087–424 860 Fax : 087–418 418 74. S04 Cawangan Lahad Datu No. 55, Tingkat 2, Darul Takaful Bandar Wilayah 91112 Lahad Datu Sabah Tel : 089–889 130 Fax : 089–889 490 75. S05 Cawangan Sandakan Lot 1, Blok 12, Tingkat 1 Bandar Indah Sandakan 88850 Sandakan Sabah Tel : 089–227 916 : 089–224 846 Fax : 089–227 792 76. S07 Cawangan Keningau Lot 10, Tingkat 1 Padasa Commercial Komplex P.O. Box 709 89008 Keningau Sabah Tel : 087–336 980 : 087–338 805 Fax : 087–337 053
178
Syarikat Takaful Malaysia Berhad l Laporan Tahunan 2008 Annual Report
SYARIKAT-SYARIKAT SUBSIDIARI 1. Asean Retakaful International (L) Ltd. (LL01129) Level 14, Blok 4 Financial Park Complex Jalan Merdeka 87000 Wilayah Persekutuan Labuan Tel : 087–451 301 : 087–451 302 : 087–451 303 Fax : 087–451 300 2. P.T. Syarikat Takaful Indonesia Graha A, Graha Takaful Indonesia Jalan Mampang Prapatan Raya No. 100, Jakarta 12790 Indonesia Tel : 6221–799 1234 : 6221–799 2345 Fax : 6221–790 1435 : 6221–790 1944 3. P.T. Asuransi Takaful Keluarga Graha B, Graha Takaful Indonesia Jalan Mampang Prapatan Raya No. 100, Jakarta 12790 Indonesia Tel : 6221–799 1234 : 6221–799 2345 Fax : 6221–790 1435 : 6221–790 1944 4. P.T. Asuransi Takaful Umum Graha A, Graha Takaful Indonesia Jalan Mampang Prapatan Raya No. 100, Jakarta 12790 Indonesia Tel : 6221–799 1234 : 6221–799 2345 Fax : 6221–790 1435 : 6221–790 1944
Borang Proksi/Proxy Form Saya / Kami / I / We ……………………………………………………………………………………………………………………….........................……………… sebagai Ahli / Ahli – Ahli Syarikat yang dinyatakan di atas dengan ini melantik being a Member / Members of the abovenamed Company, hereby appoint ………………………………………..……………………………………………………………….…………......................................................………................ dari / of ………………………………………..……………………………………………………………….…………......................................................………... atau / Pengerusi Mesyuarat jika beliau tidak dapat hadir / or the Chairman of the Meeting failing him.………………..............………………………..……… dari / of ………………………………….………………………………………………………..………………………………......................................................... sebagai proksi saya / kami untuk mengundi bagi pihak saya / kami di MESYUARAT AGUNG TAHUNAN SYARIKAT TAKAFUL MALAYSIA BERHAD yang KEDUA PULUH TIGA yang akan diadakan pada hari Rabu, 10 Disember 2008 jam 9:30 pagi dan pada sebarang penangguhannya. as my / our proxy to vote for me / us on my / our behalf at the TWENTY THIRD ANNUAL GENERAL MEETING OF SYARIKAT TAKAFUL MALAYSIA BERHAD, to be held on Wednesday, 10 December 2008 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 arahanarahan tertentu, proksi anda akan mengundi atau tidak mengundi sepertimana yang dia anggap patut. Jika anda melantik dua proksi, sila nyatakan bahagian pegangan untuk diwakilkan kepada setiap proksi. Please indicate an “X” in the space provided below, how you wish your vote to be cast in respect of the following resolutions. In the absence of specific directions, your proxy may vote or abstain at his/her discretion. If you appoint two proxies, please specify the proportions of holdings to be represented by each proxy. Wakil saya / kami akan mengundi seperti berikut / My / Our proxy is to vote as indicated hereunder: NO. RESOLUSI / RESOLUTION
MENYOKONG/ FOR
1
Menerima dan menimbang Penyata-Penyata Kewangan yang telah diaudit bagi tahun kewangan berakhir 30 Jun 2008, beserta laporan Pengarah dan Juruaudit berkaitan dengannya. To receive and adopt the Audited Financial Statements for the financial year ended 30 June 2008, together with the reports of the Directors and Auditors thereon.
2
Untuk meluluskan dividen akhir bagi tahun kewangan berakhir 30 Jun 2008. To approve the final dividend in respect of the financial year ended 30 June 2008.
Melantik semula Pengarah-Pengarah berikut:To re-elect the following Directors:-
3
Y. Bhg. Dato’ Mohamed Hassan b. Md. Kamil
4
Y. Bhg. Tan Sri Dr. Hadenan b. A. Jalil
5
Y. Bhg. Dato’ Sulaiman b. Mohd Yusof
6
Encik Johan b. Abdullah
7
Untuk meluluskan bayaran yuran Pengarah-Pengarah. To approve the payment of the Directors’ fees.
8
Untuk meluluskan bayaran yuran Ahli-Ahli Badan Penasihat Syariah. To approve the payment of the Shariah Advisory Body Members’ fees.
9
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.
10
Meluluskan urusan khas menurut Seksyen 132D, Akta Syarikat 1965. To pass the special business pursuant to Section 132D, Companies Act 1965.
11
Cadangan Pembaharuan Mandat Pemegang Saham bagi Urusniaga Berulang Pihak Berkaitan. Proposed Renewal of Shareholders’ Mandate for Recurrent Related Party Transactions.
MENENTANG/ AGAINST
JUMLAH SAHAM NO. OF SHARES Pada / Dated this …… haribulan / day of …. 2008 Tandatangan/ Cop Mohor Pemegang Saham Signature/ Common Seal of Shareholders
Nota-Nota: (i) Seorang ahli Syarikat yang berhak hadir dan mengundi dalam mesyuarat, berhak melantik seorang atau beberapa orang proksi untuk hadir dan mengundi bagi pihaknya dan haruslah menyatakan bahagian pegangan sahamnya yang diwakili oleh setiap proksi dan seorang proksi tidak semestinya ahli Syarikat. (ii) Suratcara pelantikan proksi mestilah dibuat secara bertulis dan ditandatangani oleh pihak yang melantik atau wakilnya yang diberi kuasa secara bertulis atau jika pihak yang melantik itu sebuah perbadanan, ianya hendaklah dibuat 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 26th Floor, Annexe Block, 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
www.takaful-malaysia.com
Syarikat Takaful Malaysia Berhad (131646-K) Tingkat 26, Blok Annex, Dataran Kewangan Darul Takaful, No. 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur Tel : 603-2268 1984 Fax : 603-2274 2864
