BIMB AL-FALAH ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2015 LAPORAN TAHUNAN BAGI TAHUN BERAKHIR 31 OGOS 2015

Transcription

1 BIMB AL-FALAH BIMB DANA AL-FALAH ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2015 LAPORAN TAHUNAN BAGI TAHUN BERAKHIR 31 OGOS 2015 MANAGER: BIMB INVESTMENT MANAGEMENT BERHAD (Company No: X)

2 Table of Content No. Particulars Page 1.0 Manager s Report Fund Name/ Fund Type/ Fund Category/ Fund Investment Objective/ Fund Performance Benchmark/ Fund Distribution Policy Performance for the Financial Year Ended 31 August Economic and Market Review Market Outlook And Strategy Asset Allocation as at 31 August Other Performance Data for the Financial Year Ended 31 August Unit Holdings as at 31 August Policy on Rebate And Soft Commission Trustee s Report Shariah Committee s Report Directors Declaration Independent Auditors Report To The Unitholders of BIMB Dana Al- Falah Financial Statements (Audited) Corporate Directory 67 (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 2

3 i. Manager s Report Dear Unit Holders, We are pleased to present the Manager s report of BIMB Dana Al-Falah for the financial year ended 31 August Fund Name/ Fund Type/ Fund Category/ Fund Investment Objective/ Fund Performance Benchmark/ Fund Distribution Policy Fund Name Fund Type Fund Category Fund Investment Objective BIMB Dana Al-Falah Growth Mixed Assets The principal investment objective of the Fund is to achieve long term capital appreciation of the units by investing in a diversified portfolio of equities, Sukuk and money market instruments. Accordingly, all investment income (if any) shall be reinvested for long term capital growth rather than distributed annually. Note: Any material change to the investment objective of the Fund would require unit holders approval. Fund Performance Benchmark 70:30 ratio of the FBM Emas Shariah Index and 12-month GIA of Bank Islam. Fund Distribution Policy Distribution of income 1 (if any) is incidental. 1 The distribution of income will automatically be reinvested. Hence, unit holders will receive additional units from the reinvestment of income distribution. (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 3

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5 1.2.2 Total return and average total return for the respective financial year ended 31 August 2015 BIMB Dana Al-Falah Total Average Return Total Return (%) (%) Total Return (%) Benchmark Average Total Return (%) 1-Year Period Year Period Year Period Total return for the last 5 financial years Financial Years BIMB Dana Al-Falah (%) Total Return Benchmark (%) 31 August August August August August (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 5

6 Figure 3: Movement of the Fund versus the Benchmark Note Data Source Data Verified Benchmark : BIMB Investment Management Berhad : Novagni Analytics & Advisory Sdn. Bhd. (formerly known as Perkasa Normandy Advisers Sdn. Bhd). : 70:30 ratio of the FBM Emas Shariah Index and 12-month Bank Islam GIA rate. Notes: 1. Total Return of the Fund has been verified by Novagni Analytics & Advisory Sdn. Bhd. ( w) 2. Average Total return is derived by this formula: Total Return Number of Years under Review The calculation of average total returns is based on methods obtained from Lipper Asia Ltd. Past performance is not necessarily indicative of future performance and unit prices and investment returns may go down, as well as up. (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 6

7 1.3 Economic and Market Review Economy Global The United States ( US ) Gross Domestic Product (GDP) grew at a rate of 3.7% in the second quarter of 2015 as compared to 0.6% growth in the first quarter of 2015 and 2.1% in the fourth quarter of The second quarter reflected positive contributions from personal consumption expenditures, exports, state and local government spending and fixed assets investments. American households and businesses, backed by gains in employment, rising home prices and lower fuel costs had contributed to the expansion phase during the quarter. US headline inflation rate decline to 0.2% in July 2015 from 1.7% in September 2014 due to lower energy prices. US core inflation rate moderated to 1.7% in July 2015 from 1.8% in September US unemployment rate fell to 5.3% in July 2015, from 5.9% in September 2014, supported by rising incomes, consumer spending and economic growth The Euro zone economy grew by 0.4% in the second quarter of 2015 as compared to 0.5% in the first quarter 2015 and 0.4% in the fourth quarter of 2014.Germany s economic growth improved while France and Italy s stagnated as economic disparities between the 19-nation economy persist. Euro zone s annual inflation declined to 0.2% in July 2015 from 0.3% in September as falling energy prices offset rises in industrial goods. The Euro zone unemployment rate fell to 10.9% in July 2015 from 11.5% in September 2014 due to significant improvement of unemployment rate in Italy, Spain and Portugal. The Chinese economy maintained a growth rate of 7.0% for the second quarter of 2015, maintaining comparable economic growth rate to the first quarter of 2015 as China s ruling Communist party moves towards a more sustainable economic model based on domestic consumption instead of trade and investment. China s first and second quarter s economic growth in 2015 was the weakest performance since the global economic crisis. (Source: Bloomberg and RHB Research Institute Sdn Bhd) (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 7

8 Local The Malaysian economy moderated at 4.9 % in the second quarter of 2015 underpinned by notable impact from the Goods and Services Tax (GST), weak commodity prices and challenging external demand, among others. The 2015 second quarter s growth was the weakest since 3 rd quarter 2013 compared to 5.6% in the first quarter of 2015 and 5.7% in the fourth quarter of Malaysia s headline inflation in July 2015 increased to 3.3% from 2.5% in September 2014 due to the continued effects of Goods and Services Tax (GST), implemented on 1 st April Bank Negara s international reserve stood at USD 96.7 billion as at 30 July 2015 from US$127.3 billion in September 2014 as a result of capital flight outside domestic economy. At these levels, the foreign exchange reserves are sufficient to finance 7.6 months of retained imports and cover 1.1 times the short term external debt of the nation. Loan growth was marginal at 9.53% in June 2015 as compared to 9.19% in September 2014 due to higher lending to real estate, finance, insurance, transport and construction sectors. (Source: Bloomberg, Bank Negara Malaysia and RHB Research Institute Sdn Bhd) Market Review Equity FTSE Bursa Malaysia EMAS Shariah Index ( FBM Shariah ) commenced the year under review at 13, points before it touched the highest of 13, points on 3 November The FBM Shariah declined to the lowest of 10, points on 25 August 2015 before ending the financial year at 11, points on 28 August For the year under review, the FBM Shariah lost 1, points or 13.44% whereas the FBM KLCI lost points or 13.58% respectively. Among the key factors that contributed to the movement of the index are highlighted below: Weakening of oil prices in September 2014 to below USD100 due to the rise in US oil stockpile. Continued Oil price collapse to below USD80 per barrel in November On 27 November 2014, Organisation of Petroleum Exporting Countries (OPEC) decided against lowering production to support oil price. On 1 December 2014, the FBM Shariah continued to drop by 3.24% dragged lower by oil and gas, plantation and property sectors as the local market was trying to comprehend the possible implications of lower oil revenue for the country. (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 8

9 Towards the end of January 2015, European Central Bank (ECB) executed a fullscale quantitative easing (QE) to mitigate deflationary concerns and spur growth in the European Union. Fitch commented on a possible downgrade of Malaysia s sovereign rating on 20 January Oil price recovery of more than 40% from USD on 13 January 2015 to USD per barrel on 30 April In May thru June, continued selling pressure from foreign institutions on mounting concerns over the outcome of Fitch s announcement on Malaysia s sovereign rating together with the possible negative outcome of Greece exiting the Euro zone. On 30 Jun 2015, Fitch affirmed Malaysia s sovereign credit rating at A- with outlook upgraded to Stable on the backs of improving fiscal position, financing flexibility and favorable GDP growth. In early August, the Ringgit depreciated further against the US dollar as foreign investors flee domestic equity and fixed-income markets as fear of U.S interest rate hike escalated. This was also underpinned by the growing concerns of the domestic political landscape that continue to remain fluid. In late August, the Shanghai and Shenzhen stock exchange tumble over concerns of China s economic hard landing that triggered a regional sell-off throughout Asia. This has subsequently led to a contagion effect in Europe and the U.S. Worries over China s weaker consumption have also eroded oil prices that plunged to a six-and-a-half year low of USD42.51 per barrel, adding concerns to the global oil supply glut. In August alone, the Ringgit had depreciated 9.7% from USD/MYR 3.82 to USD/MYR 4.19 in light of the unfolding events during the month. To date, speculation over the timing of the US interest rate hike remains uncertain and poses further market volatility risk in the near term as the Ringgit continues to devalue. Collectively, the August sell-off had erased 7% to 10% of global market capitalization. (Source: Bank Negara Malaysia, Bloomberg and RHB Research Institute Sdn. Bhd.) (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 9

10 UST-3Y UST-5Y UST-7Y UST-10Y UST-20Y UST-30Y YIELD Bond Market and Money Market a) Global For the financial year under review, US Treasury (UST) yields appear to be flattening with short-end yield edging ahead of prospects of September interest rate lift off. Long-end yields have remained benign supported by declining commodity and oil prices as well as bleaker global growth outlook. Figure 4: US Treasury Yields US TREASURY (UST) YIELDS 31/08/ /08/ % 3.00% 2.83% 3.09% 2.50% 2.05% 2.35% 2.64% 2.95% 2.00% 1.50% 1.00% 0.50% 0.94% 1.07% 1.63% 1.54% 1.94% 2.21% 0.00% TENURE Source: US Treasury Department, 31 August 2015 (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 10

11 b) Local On the local front, sukuk yields increased across all board throughout the financial year under review due to concerns over soft Ringgit performance and slumping oil prices among others. Tenure/Date 3-Year Bonds Table 1: Sukuk/ Islamic Bond Yields 31 August 2015 (%) 31 August 2014 (%) Change * (bps) GII AAA Corporate Year Bonds GII AAA Corporate Year Bonds GII AAA Corporate Year Bonds GII AAA Corporate Source: Bond Pricing Agency Malaysia (BPAM), 31 August 2015 (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 11

12 IRS-1YR IRS-2YR IRS-3YR IRS-4YR IRS-5YR IRS-7YR IRS-10YR RATE 30-Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul-15 RATE Figure 5: Overnight Policy Rate (OPR) OVERNIGHTPOLICY RATE (OPR) 4.00% 3.50% 31-Aug-15, 3.25% 3.00% 2.50% 2.00% 1.50% DATE Source: Bank Negara Malaysia (BNM), 31 August 2015 Figure 6: Interest Rate Swap (IRS) 4.60% INTEREST RATE SWAP (IRS) 31/08/ /08/ % 4.40% 4.20% 4.25% 4.34% 4.00% 3.80% 3.60% 3.78% 3.67% 3.85% 3.74% 3.92% 3.83% 4.00% 4.00% 3.93% 4.01% 4.18% 3.40% TENURE Source: Bank Negara Malaysia (BNM), 31 August 2015 (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 12

13 1.4 Market Outlook and Strategy a) Equity The equity market outlook is expected to experience continual volatily in Notwithstanding the QE (Quantitative Easing) in Euro zone and Japan, global economic recovery will face headwind from multiple aspects including the strengthening US Dollar, potential US interest rate hike, concerns over China s economic slow-down and currency devaluation along with global oil production glut affecting oil prices. On the domestic front, the Bursa Malaysia should be supported by domestic liquidity and strong buying support from local funds. The uncertainties over the US interest rate hike may induce volatility within the local bourse and incite capital flight outside Malaysia s economic borders, deepening the Ringgit s devaluation. The weakening crude oil price may also pose larger repercussion on the country s oil and gas industry as well as its fiscal position in the near term. Fundamentally, the Malaysian economy is in good stead to grow at 4.0% to 5.5% in 2015 as domestic demand remains the growth driver supported by broad-based capital spending by both the private and public sectors. The Malaysian government had taken necessary steps to strengthen the economy, stabilise the currency, and restore investor confidence, affirming that both the banking system and the capital market are resilient and able to cope with potential economic uncertainty. Currently, the Fund is adopting a temporary defensive strategy via maintaining higher cash portion within its portfolio. The equity strategy remains to invest in companies with good earnings visibility, strong balance sheet, and high dividend yield with good valuation prospects given the suitable opportunity arise. b) Sukuk Market and Money Market The Ringgit Islamic Debt Securities (IDS) market is expected to be volatile. The continued reduction in accommodative monetary policy by the Federal Reserve in the United States and weak Ringgit will be negative for IDS price. However, the ample liquidity in the domestic market and demand from local institutions will support the IDS market. Bank Negara Malaysia decided to maintain the Overnight Policy Rate (OPR) at 3.25% at the Monetary Policy Committee (MPC) meeting 7 July The MPC statement stated that future changes in OPR will depend on economic data on growth and inflation as well as risks of destabilising financial (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 13

14 . imbalances. Moving forward, the OPR is expected to remain unchanged at least until Q Headline inflation is expected to trend higher due to GST. The lower fuel prices will partially offset other domestic cost factors. While month-on-month headline inflation would be subjected to the volatility in global oil prices, underlying inflation is expected to remain contained amid the stable domestic demand conditions. Inflation is expected to be between 2.5% to 3.5% in the next 12 months. 1.5 Asset allocation as at 31 August BIMB Dana Al-Falah 2015 (%) 2014 (%) 2013 (%) Investment in Quoted Securities Construction Consumer Products Finance Industrial Products Infrastructure Project Companies Plantation Properties REITs Technology Trading and Services Warrant INVESTMENT IN ISLAMIC DEBT SECURITIES: SHORT TERM INVESTMENTS: (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 14

15 1.6 Other Performance Data for the Financial Year Ended 31 August BIMB Dana Al-Falah Unit Prices (RM) Highest NAV per unit for the year Lowest NAV per unit for the year Net Asset Value (NAV) and Units in Circulation (UIC) as at the End of the Period/ Year Total NAV (RM) 24,879,924 29,743,041 23,421,454 Units in Circulation (UIC) 54,294,763 53,372,537 43,241,059 NAV per unit (RM)* (a) [page16] Return of Fund (%) Capital Growth (%) (b) [page16] Income Return (%) (c) [page16] Return of Fund (%) Gross Distribution per Unit (Sen) Net Distribution per Unit (Sen) NAV per Unit before Distribution (RM) NAV per Unit after Distribution (RM)* Date of Distribution - 29 August August 2013 Management Expense Ratio (MER) (%) (d) [pg 16] Portfolio Turnover Ratio (PTR) (times) (e) [pg 16] * The price and net asset value per unit are ex-distribution. (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 15

16 Note: a) Return of the Fund = NAV per unit (end of year) - 1 NAV per unit (beginning of year) b) Capital Growth = Total Return of the Fund Income Return c) Income Return = {Income Distribution per Unit / NAV per Unit on beginning of year} x 100 d) Management Expense Ratio e) Portfolio Turnover Ratio = The management expense ratio is the total management expenses expressed as an annual percentage of the Fund s average Net Asset Value. = It represents the average of the total acquisitions and disposals of the investment in the Fund for the annual period over the average Net Asset Value of the Fund calculated on a daily basis. 1.7 Unit Holdings as at 31 August 2015 Size of Holdings BIMB Dana Al-Falah No. of Unit Holders No. of Units Held No. % Units % 5,000 and below 1, ,510, ,001 to 10, ,011, ,001 to 50, ,194, ,001 to 500, ,059, ,001 and above * ,519, , ,294, Unit Held by Manager Grand Total for The Fund 3, ,294, * included under this category are nominee accounts (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 16

17 1.8 Policy on Rebate and Soft Commission Any stock broking rebates received by the Manager will be directed into the account of the Fund. Any soft commissions received from the broker which are in the form of research and advisory services that assist in the decision-making process relating to the Fund s investment may be retained by the Manager. The Manager received soft commission from brokers in the form of research and advisory services during the year under review. For and on behalf of The Manager BIMB INVESTMENT MANAGEMENT BERHAD Date: 28 October 2015 (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 17

18 1.0 Laporan Pengurus Para Pemegang Unit yang Dihormati, Kami dengan sukacitanya membentangkan Laporan Pengurus BIMB Dana Al-Falah bagi tahun kewangan berakhir pada 31 Ogos Nama Dana/ Jenis Dana/ Kategori Dana/ Objektif Pelaburan Dana/ Penanda Aras Dana/ Polisi Agihan Dana Nama Dana Jenis Dana Kategori Dana Objektif Pelaburan Dana BIMB Dana Al-Falah Pertumbuhan Aset Campuran Objektif utama pelaburan Dana adalah untuk mencapai peningkatan modal pada harga unit dalam jangkamasa panjang dengan melabur dalam pelbagai portfolio ekuiti, Sukuk dan instrumen pasaran wang. Sehubungan dengan itu, semua pendapatan pelaburan (jika ada) akan dilaburkan semula untuk pertumbuhan modal jangkamasa panjang berbanding pengagihan setiap tahun. Nota: Sebarang perubahan ketara kepada objektif pelaburan Dana memerlukan kelulusan daripada pemegang unit. Penanda Aras Dana Polisi Agihan Dana Nisbah 70:30 Indeks FBM Emas Shariah dan GIA 12 bulan Bank Islam. Pendapatan 1 (jika ada) adalah sampingan. 1 Pengagihan pendapatan akan dilaburkan semula secara automatik. Oleh itu, pemegang unit akan menerima Unit tambahan daripada pelaburan semula pengagihan pendapatan. (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 18

19 1.2 Pencapaian bagi tahun berakhir 31 Ogos Kajian Pencapaian bagi BIMB Dana Al-Falah Bagi tempoh kewangan dalam kajian, BIMB Dana Al-Falah (Al-Falah) mencatatkan pulangan sebanyak % berbanding pulangan penanda arasnya sebanyak -8.56%. Sejak penubuhannya pada 27 Disember 2001 hingga 31 Ogos 2015, Al-Falah telah mencatatkan pulangan berjumlah 78.69% berbanding apa yang diraih oleh penanda arasnya sebanyak %. Penanda aras prestasi terpilih Al-Falah ialah nisbah 70:30 nisbah "Indeks Syariah Emas FBM" dan kadar 12-bulan Akaun Pelaburan Am Bank Islam (GIA). Strategi kami adalah secara konsistennya terus menumpukan kepada syarikat-syarikat terkemuka yang berupaya membayar dividen secara berkekalan dan mempunyai prospek pertumbuhan pendapatan yang baik. Bagaimanapun, bagi tahun kewangan berakhir pada 31 Ogos 2015, keadaan pasaran yang buruk menyebabkan Dana Al-Falah tidak dapat memenuhi objektifnya apabila tinjauan pasaran semakin merosot dan munculnya sentimen ekonomi yang negatif. Berikutan terdapat pelbagai faktor negatif yang mempengaruhi keadaan pasaran, iaitu penurunan nilai matawang, kejatuhan harga minyak dan pertumbuhan ekonomi dunia yang merosot, Dana telah melaksanakan peruntukan aset sebagai langkah awal untuk menyesuaikan dengan keadaan pasaran yang rapuh dan mudah terjejas berikutan memuncaknya pembetulan pasaran ekuiti sejagat dengan keadaan turun naik pasaran yang berlanjutan. Pada ketika ini, keutamaan Dana adalah melindungi Nilai Aset Bersih (NAB) atau Net Asset Value (NAV) melalui strategi defensif yang bersifat sementara dengan mengekalkan bahagian pegangan tunai yang lebih tinggi dalam portfolionya. Keutamaan Dana berubah buat sementara waktu daripada menyediakan pendapatan yang konsisten dan peningkatan modal dalam tempoh terdekat kepada pengekalan modal. Pada 31 Ogos 2015, Dana mempunyai pendedahan sebanyak 44.7% dalam ekuiti, 15.9% dalam sekuriti hutang Islam dan 39.4% dalam pelaburan jangka pendek dan pegangan tunai..dari segi jumlah NAB, saiz Dana pada 31 Ogos 2015 adalah sebanyak RM24.88 juta, berbanding RM29.74 juta pada 31 Ogos Bagi tahun kewangan dalam kajian, Al-Falah tidak mengisytiharkan sebarang agihan pendapatan kerana Dana telah beralih menjadi defensif dalam menjana tunai untuk mengurangkan kesan daripada keadaan pasaran yang menjejaskan. NAB seunit Dana telah merosot kepada RM pada 31 Ogos 2015 daripada RM (selepas pengagihan) pada 31 Ogos Bagi tahun kewangan berakhir pada 31 Ogos 2015, terdapat perubahan yang ketara terhadap peruntukan tunai Dana bertujuan memelihara nilai pemegang unit kerana keadaan pasaran yang buruk berlaku secara berterusan dalam tempoh terdekat. Melangkah ke hadapan, Pengurus akan terus melabur dalam syarikat yang dilihat menawarkan pendapatan yang baik, lembaran imbangan yang kukuh dan hasil dividen yang tinggi dengan prospek penilaian yang baik sekira timbulnya peluang yang bersesuaian. (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 19

20 1.2.2 Jumlah pulangan dan purata jumlah pulangan bagi setiap tahun berakhir 31 Ogos 2015 Jangkamasa 1-Tahun Jangkamasa 3-Tahun Jangkamasa 5-Tahun BIMB Dana Al-Falah Jumlah Purata Pulangan Jumlah Pulangan (%) (%) Penanda Aras Jumlah Pulangan (%) Purata Jumlah Pulangan (%) Jumlah pulangan tahunan bagi 5 tahun kewangan yang lalu Tahun Kewangan BIMB Dana Al- Falah (%) Jumlah Pulangan Penanda Aras (%) 31 Ogos Ogos Ogos Ogos Ogos (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 20

21 Rajah 3: Pergerakan Dana Berbanding Penanda Aras Nota: Sumber Data : BIMB Investment Management Berhad Data disahkan oleh : Novagni Analytics & Advisory Sdn. Bhd. (dahulunya dikenali sebagai Perkasa Normandy Managers Sdn.Bhd) Penanda Aras : Nisbah 70:30 FBM Emas Shariah Index dan 12 bulan kadar Akaun Pelaburan Am Bank Islam. Nota: 1. Jumlah Pulangan telah disahkan oleh Novagni Analytics & Advisory Sdn. Bhd. ( w) 2. Jumlah Pulangan Purata adalah berpandukan formula berikut: Jumlah Pulangan Bilangan Tahun Bawah Kajian Prestasi tahun-tahun sebelum ini tidak semestinya menjadi petunjuk prestasi masa depan dan harga unit serta pulangan pelaburan mungkin turun dan naik. (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 21

22 1.3 Ekonomi dan Kajian Pasaran Ekonomi Global Keluaran Dalam Negara Kasar (GDP) Amerika Syarikat ( AS ) berkembang pada kadar 3.7% pada suku kedua tahun 2015 berbanding dengan pertumbuhan sebanyak 0.6% pada suku pertama tahun yang sama dan 2.1% pada suku keempat tahun Pencapaian suku kedua mencerminkan sumbangan positif daripada perbelanjaan penggunaan individu, eksport, perbelanjaan kerajaan negeri dan tempatan, dan pelaburan aset tetap. Pencapaian isi rumah dan perniagaan AS yang disokong oleh peningkatan dalam guna tenaga, kenaikan harga rumah dan kos bahan api yang lebih rendah, telah menyumbang kepada kadar pertumbuhan bagi suku tersebut. Kadar inflasi utama (headline) AS menyusut kepada 0.2% pada bulan Julai 2015 berbanding dengan 1.7% pada bulan September 2014 disebabkan oleh harga bahan api yang lebih rendah. Kadar inflasi teras AS mencatat paras sederhana iaitu 1.7% pada bulan Julai 2015 berbanding 1.8% pada bulan September 2014 Kadar pengangguran AS jatuh kepada 5.3% pada bulan Julai 2015, daripada 5.9% pada bulan September 2014, disokong oleh peningkatan pendapatan, perbelanjaan pengguna dan pertumbuhan ekonomi. Pertumbuhan ekonomi zon Euro adalah sebanyak 0.4% pada suku kedua 2015 berbanding 0.5% pada suku pertama 2015 dan 0.4% pada suku keempat Keadaan ekonomi Jerman bertambah baik manakala Perancis dan Itali pula terbantut apabila ketidaksamaan pertumbuhan ekonomi antara 19-buah negara terus berlaku. Inflasi tahunan zon Euro menurun kepada 0.2% pada bulan Julai 2015 daripada 0.3% pada bulan September apabila kejatuhan harga bahan api mengimbangi kenaikan harga barangan industri. Kadar pengangguran zon Euro jatuh kepada 10.9% pada bulan Julai 2015 daripada 11.5% pada bulan September 2014 disebabkan oleh pengurangan ketara dalam kadar pengangguran di Itali, Sepanyol dan Portugal. Kadar pertumbuhan ekonomi China kekal sebanyak 7.0% pada suku kedua 2015, mengekalkan perbandingan kadar pertumbuhan ekonomi pada suku pertama 2015 apabila parti pemerintah Komunis China bergerak ke arah mencapai model ekonomi lebih mampan berdasarkan kepada penggunaan domestik dan bukannya perdagangan dan pelaburan. Pertumbuhan ekonomi China dalam suku pertama dan kedua pada tahun 2015 memperlihatkan prestasinya yang paling lemah sejak krisis ekonomi global. (Sumber: Bloomberg dan RHB Research Institute Sdn Bhd) (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 22

23 Dalam Negara Ekonomi Malaysia berkembang pada paras sederhana iaitu 4.9% pada suku kedua 2015 antaranya disebabkan oleh impak agak ketara daripada pelaksanaan Cukai Barangan dan Perkhidmatan (GST), kejatuhan harga komoditi dan permintaan luar yang mencabar. Pertumbuhan suku kedua 2015 merupakan yang terendah sejak suku ke-3 tahun 2013 berbanding dengan 5.6% pada suku pertama 2015 dan 5.7% pada suku keempat Kadar inflasi utama (headline) Malaysia pada bulan Julai 2015 meningkat kepada 3.3% daripada 2.5% pada bulan September 2014 kerana kesan yang berterusan daripada pelaksanaan Cukai Barangan dan Perkhidmatan (GST) pada 1 April Rizab antarabangsa Bank Negara Malaysia berjumlah AS$96.7 bilion setakat 30 Julai 2015 berbanding AS$127.3 bilion pada bulan September 2014 berikutan pengaliran keluar modal daripada ekonomi domestik. Pada tahap ini, rizab pertukaran asing adalah mencukupi untuk membiayai 7.6 bulan import tertangguh dan menampung 1.1 kali hutang luar jangka pendek negara. Pertumbuhan pinjaman berkembang pada kadar yang kecil iaitu 9.53% pada bulan Jun 2015 berbanding 9.19% pada bulan September 2014 disebabkan oleh pemberian pinjaman yang lebih tinggi kepada sektor hartanah, kewangan, insurans, pengangkutan dan pembinaan. (Sumber: Bloomberg, Bank Negara Malaysia dan RHB Research Institute Sdn Bhd) Kajian Pasaran Ekuiti Indeks Syariah EMAS FTSE Bursa Malaysia ("FBM Syariah") memasuki tahun kewangan pada paras 13, mata sebelum mencecah paras tertinggi 13, mata pada 3 November FBM Syariah jatuh ke paras terendah 10, mata pada 25 Ogos 2015 sebelum mengakhiri tahun kewangan untuk mencatat 11, mata pada 28 Ogos Bagi tahun dalam kajian, FBM Syariah jatuh 1, mata atau 13.44% manakala FBM KLCI susut mata atau 13.58%. Antara faktor utama yang menyumbang kepada pergerakan indeks dinyatakan di bawah Harga minyak mentah semakin lemah pada bulan September 2014 apabila berada di bawah paras AS$100 setong berpunca daripada peningkatan simpanan minyak stok pengimbal AS. Harga minyak mentah terus jatuh di bawah paras AS$80 setong pada bulan November (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 23

24 Pada 27 November 2014, Pertubuhan Negara-negara Pengeksport Petroleum (OPEC) menentang pengurangan pengeluaran bagi tujuan menyokong harga minyak. Pada 1 Disember 2014, FBM Syariah jatuh lagi sebanyak 3.24% disebabkan oleh prestasi lemah yang ditunjukkan oleh sektor minyak dan gas, perladangan, hartanah apabila pasaran tempatan cuba untuk memahami implikasi yang mungkin timbul daripada hasil pendapatan minyak mentah negara yang lebih rendah. Menjelang akhir bulan Januari 2015, Bank Pusat Eropah ( ECB ) melaksanakan program kelonggaran kuantitatif (QE) secara besar-besaran untuk mengurangkan kebimbangan terhadap deflasi dan merangsang pertumbuhan di Kesatuan Eropah. Fitch memberikan ulasannya tentang kemungkinan penurunan penarafan kedaulatan Malaysia pada 20 Januari Harga minyak mentah kembali pulih apabila meningkat lebih 40% daripada AS$46.59 pada 13 Januari 2015 kepada AS$66.78 setong pada 30 April Pada bulan Mei hingga Jun, tekanan jualan terus diterima daripada institusi asing dengan meningkatnya kebimbangan tentang kesan pengumuman Fitch terhadap penarafan kedaulatan Malaysia dan juga kemungkinan Greece keluar dari zon Euro. Pada 30 Jun 2015, Fitch mengesahkan penarafan kredit kedaulatan Malaysia pada "A-" dengan tinjauan dinaikkan pada tahap "stabil" berikutan kedudukan fiskal yang semakin baik, pembiayaan yang fleksibel dan pertumbuhan KDNK yang menggalakkan. Pada awal bulan Ogos, nilai Ringgit jatuh lagi berbanding dolar AS kerana pelabur-pelabur asing keluar daripada pasaran ekuiti domestik dan pasaran pendapatan tetap kerana takut kenaikan kadar faedah AS yang lebih tinggi. Keadaan ini juga disebabkan oleh kebimbangan yang semakin meningkat terhadap landskap politik negara yang tidak menentu. Pada akhir bulan Ogos, Bursa Saham Shanghai dan Shenzen jatuh teruk berikutan terdapat kebimbangan berlakunya kejatuhan secara mendadak ekonomi China, sehingga membawa kepada penjualan secara besar-besaran di peringkat rantau Asia. Keadaan itu mengakibatkan berlakunya kesan penularan ke Eropah dan Amerika Syarikat. Kekhuatiran terhadap penggunaan yang lemah di China juga menjejaskan harga minyak mentah yang menjunam kepada paras rendah dalam tempoh enam setengah tahun iaitu $42.51 setong, meningkatkan lagi kebimbangan kepada berlakunya lebihan bekalan minyak mentah dunia. (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 24

25 UST-3Y UST-5Y UST-7Y UST-10Y UST-20Y UST-30Y YIELD Pada bulan Ogos sahaja, Ringgit telah mengalami penyusutan sebanyak 9.7% daripada AS$/RM3.82 kepada AS$/RM4.19 disebabkan oleh peristiwa-peristiwa yang berlaku pada bulan itu. Setakat ini, bilakah berlakunya kenaikan kadar faedah AS masih tidak dapat dipastikan, sekali gus terus mengakibatkan wujud risiko untuk pasaran menjadi tidak menentu atau meruap dalam tempoh terdekat apabila nilai Ringgit terus dinilai semula. Secara kolektifnya, jualan besarbesaran yang berlaku pada bulan Ogos telah menghapuskan 7% hingga 10% modal pasaran global. (Sumber: Bank Negara Malaysia, Bloomberg dan RHB Research Institute Sdn. Bhd.) Pasaran Bon dan Pasaran Wang a) Global Bagi tahun kewangan dalam kajian, hasil Perbendaharaan AS (UST) kelihatan mendatar dengan hasil jangka pendek mendahului prospek penarikan balik kadar faedah pada bulan September. Hasil jangka panjang kekal dalam keadaan menggalakkan disokong oleh kejatuhan harga komoditi dan minyak mentah serta tinjauan pertumbuhan dunia yang suram. Rajah 4: Kadar Pulangan Perbendaharaan AS US TREASURY (UST) YIELDS 31/08/ /08/ % 3.00% 2.83% 3.09% 2.50% 2.05% 2.35% 2.64% 2.95% 2.00% 1.50% 1.00% 0.50% 0.94% 1.07% 1.63% 1.54% 1.94% 2.21% 0.00% TENURE Sumber : Jabatan Perbendaharaan AS, 31 Ogos 2015 (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 25

26 b) Dalam Negara Di dalam negara, hasil sukuk meningkat secara menyeluruh pada sepanjang tahun kewangan disebabkan antaranya oleh kebimbangan terhadap prestasi nilai mata wang Ringgit yang lemah dan harga minyak mentah yang tidak menjejaskan. Tempoh/ Tarikh Bon 3 Tahun Jadual 1: Kadar Pulangan Sukuk/ Bon Islam 31 Ogos 2015 (%) 31 Ogos 2014 (%) Perubahan * (bps) GII Korporat AAA Bon 5 Tahun GII Korporat AAA Bon 7 Tahun GII Korporat AAA Bon 10 Tahun GII Korporat AAA Sumber: Agensi Penetapan Harga Bon Malaysia (BPAM), 31 Ogos 2015 (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 26

27 IRS-1YR IRS-2YR IRS-3YR IRS-4YR IRS-5YR IRS-7YR IRS-10YR RATE 30-Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul-15 RATE Rajah 5: Kadar Polisi Semalaman (OPR) OVERNIGHTPOLICY RATE (OPR) 4.00% 3.50% 31-Aug-15, 3.25% 3.00% 2.50% 2.00% 1.50% DATE Sumber: Bank Negara Malaysia (BNM), 31 Ogos 2015 Rajah 6: Pertukaran Kadar Faedah (IRS) 4.60% INTEREST RATE SWAP (IRS) 31/08/ /08/ % 4.40% 4.20% 4.25% 4.34% 4.00% 3.80% 3.60% 3.78% 3.67% 3.85% 3.74% 3.92% 3.83% 4.00% 4.00% 3.93% 4.01% 4.18% 3.40% TENURE Sumber: Bank Negara Malaysia (BNM), 31 Ogos 2015 (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 27

28 1.4 Tinjauan Pasaran dan Strategi a) Ekuiti Tinjauan pasaran ekuiti menjangkakan pasaran terus mengalami keadaan yang tidak menentu pada tahun Meskipun program Kelonggaran Kuantitatif (QE) dilaksanakan di zon Euro dan Jepun, pemulihan ekonomi sejagat akan menghadapi halangan dari pelbagai aspek termasuk pengukuhan nilai dolar AS, potensi kenaikan kadar faedah di AS, kebimbangan terhadap pertumbuhan perlahan ekonomi China dan penurunan nilai mata wang serta lebihan pengeluaran minyak mentah dunia yang menjejaskan harga komoditi itu. Di dalam negara, Bursa Malaysia dilihat terus mendapat sokongan mudah tunai dalam negara dan juga sokongan belian yang tinggi daripada dana-dana tempatan. Ketidaktentuan tentang kenaikan kadar faedah AS mungkin membawa kepada keadaan yang tidak menentu dalam bursa tempatan dan mencetuskan modal keluar dari Malaysia dan memburukkan lagi kejatuhan nilai Ringgit. Harga minyak mentah yang semakin lemah mungkin juga memberikan kesan lebih besar kepada industri minyak dan gas negara, dan juga kedudukan fiskal dalam jangka masa terdekat. Pada asasnya, ekonomi Malaysia berada di landasan yang betul untuk berkembang sebanyak 4.0% hingga 5.5% pada tahun 2015 apabila permintaan dalam negara kekal menjadi pemacu utama pertumbuhan disokong oleh perbelanjaan modal secara meluas oleh sektor swasta dan awam. Kerajaan Malaysia telah mengambil langkah-langkah perlu untuk mengukuhkan ekonomi, menstabilkan mata wang dan mengembalikan keyakinan pelabur, mengesahkan bahawa kedua-dua sistem perbankan dan pasaran modal adalah berdaya tahan dan berupaya untuk menghadapi ketidaktentuan ekonomi. Pada masa ini, Dana ini menerima pakai strategi defensif buat sementara dengan mengekalkan sebahagian besar tunai dalam portfolionya. Strategi ekuiti kekal dengan melabur dalam syarikat yang dilihat menawarkan pendapatan yang baik, lembaran imbangan yang kukuh dan hasil dividen yang tinggi dengan prospek penilaian yang baik sekiranya timbul peluang-peluang yang bersesuaian. b) Pasaran Sukuk dan Pasaran Wang Pasaran Sekuriti Hutang Islam menggunakan mata wang Ringgit (IDS) dijangka berada dalam keadaan tidak menentu. Pengurangan berterusan dalam dasar kewangan yang bersesuaian dilakukan oleh Rizab Persekutuan AS dan kelemahan nilai Ringgit menjadi sesuatu yang negatif kepada harga IDS. Bagaimanapun, mudah tunai yang lebih daripada mencukupi dalam pasaran domestik dan permintaan daripada institusi-institusi tempatan akan menyokong pasaran IDS itu. Bank Negara Malaysia memutuskan untuk mengekalkan Kadar Dasar Semalaman (OPR) pada paras 3.25% ketika mesyuarat Jawatankuasa Dasar Monetari (MPC) yang diadakan pada 7 Julai Kenyataan MPC menyatakan perubahan OPR pada masa depan akan bergantung kepada data ekonomi tentang pertumbuhan, inflasi dan juga risiko ketidakseimbangan imbangan kewangan. Dalam melangkah ke hadapan, OPR dijangka terus dikekalkan sekurang-kurangnya sehingga suku pertama (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 28

29 Inflasi utama (headline) dijangka meningkat disebabkan oleh GST. Harga minyak atau bahan api yang lebih rendah sebahagiannya akan diimbangi oleh faktor-faktor kos tempatan yang lain. Walaupun inflasi utama bagi tempoh bulan-ke-bulan akan tertakluk kepada turun naik harga minyak global inflasi asas dijangka kekal terkawal di tengah-tengah keadaan permintaan dalam negeri yang stabil. Kadar inflasi dijangka antara 2.5% kepada 3.5% dalam tempoh 12 bulan akan datang. 1.5 Peruntukan Aset Pada 31 Ogos BIMB Dana Al-Falah 2015 (%) 2014 (%) 2013 (%) Pelaburan Sekuriti Tersiarharga: Pembinaan Barangan pengguna Kewangan Barangan Industri Syarikat Projek Infrastruktur Perladangan Hartanah REITs Teknologi Perdagangan dan Perkhidmatan Waran PELABURAN DALAM SEKURITI HUTANG SECARA ISLAM: PELABURAN JANGKA PENDEK: (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 29

30 1.6 Lain-Lain Data Prestasi Bagi Tahun Berakhir 31 Ogos BIMB Dana Al-Falah Harga Unit (RM) NAB tertinggi seunit dalam setahun NAB terendah seunit dalam setahun Nilai asset Bersih (NAB) dan Unit Dalam Edaran (UDE) pada Akhir Tahun Jumlah NAB (RM) 24,879,924 29,743,041 23,421,454 Unit Dalam Edaran (UDE) 54,294,763 53,372,537 43,241,059 NAB seunit (RM)* (a) [sila rujuk mukasurat Jumlah Pulangan Dana (%) 31] Pertumbuhan Modal (%) (b) [sila rujuk mukasurat 31] Pulangan Pendapatan (%) (c) [sila rujuk mukasurat 31] Jumlah Pulangan Dana (%) Agihan Kasar seunit (Sen) Agihan Bersih seunit (Sen) Nilai Aset Bersih sebelum Pengagihan (RM) Nilai Aset Bersih selepas Pengagihan (RM)* Tarikh Pengagihan - 29 Ogos Ogos 2013 Nisbah Perbelanjaan Pengurusan (d) [sila rujuk mukasurat 31] (NPP) (%) (e) [sila Nisbah Pusing Ganti Portfolio (Kali) rujuk mukasurat 31] * Harga NAB selepas pengagihan pendapatan. (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 30

31 Nota:- a) Pulangan ke atas Dana = Harga seunit (pada akhir tahun) - 1 Harga seunit (pada awal tahun) b) Penambahan Modal = Pulangan Ke atas Dana Pulangan Pendapatan c) Pulangan Pendapatan = {Pengagihan Pendapatan Se Unit / NAB se unit pada awal tahun} x 100 d) Nisbah Perbelanjaan Pengurusan e) Nisbah Pusing Ganti Portfolio = Ia dikira dengan mengambil jumlah perbelanjaan pengurusan sepertimana yang dinyatakan sebagai peratusan tahunan daripada jumlah purata Nilai Aset Bersih Dana. = Ia dikira dengan mengambil purata jumlah perolehan dan pelupusan pelaburan dalam Dana bagi tempoh tahunan dibahagi dengan purata Nilai Aset Bersih Dana yang dikira pada asas harian 1.7 Pecahan Pegangan Unit pada 31 Ogos 2015 Saiz Dipegang Bilangan Pemegang Unit BIMB Dana Al-Falah Bilangan Unit Pegangan Bilangan % Bilangan % 5,000 dan ke bawah 1, ,510, ,001 hingga 10, ,011, ,001 hingga 50, ,194, ,001 hingga 500, ,059, ,001 dan ke atas * ,519, Unit yang dipegang oleh Pengurus Jumlah Keseluruhan Dana *Akaun penama juga termasuk di bawah kategori ini 3, ,294, , ,294, (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 31

32 1.8 Polisi Rebat dan Komisyen Bukan Tunai Sebarang rebat broker saham yang diterima oleh Pengurus akan dimasukkan secara terus ke dalam akaun Dana. Sebarang komisen ringan (bukan tunai) yang diterima daripada broker dalam bentuk perkhidmatan penyelidikan dan perundingan bertujuan membantu proses membuat keputusan berkaitan dengan pelaburan Dana boleh disimpan oleh Pengurus. Pengurus menerima komisen bukan tunai daripada broker dalam bentuk perkhidmatan penyelidikan dan khidmat nasihat bagi tahun dalam kajian. Bagi dan bagi pihak Pengurus BIMB INVESTMENT MANAGEMENT BERHAD Tarikh: 28 Oktober 2015 Nota: Laporan ini telah diterjemahkan daripada laporan asal (dalam Bahasa Inggeris). Jika terdapat perbezaan, sila rujuk kepada laporan Bahasa Inggeris (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 32

33

34 3.0 Shariah Committee s Report ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2015 To the Unit Holders of BIMB Dana Al-Falah ب ي ٱ ب ٱ رل س م ب ٱ رل ب ب ي ب س We have acted as the Shariah Committee of BIMB Dana Al-Falah. Our responsibilities are to ensure that the procedures and processes employed by BIMB Investment Management Berhad and that the provisions of the Deed dated 6 December 2001 are in accordance with Shariah principles. In our opinion, BIMB Investment Management Berhad has managed BIMB Dana Al-Falah in accordance with Shariah principles and complied with applicable guidelines, rulings or decisions issued by the Securities Commission pertaining to Shariah matters for the year ended 31 August In addition, we also confirm that the investment portfolio of BIMB Dana Al-Falah comprises securities which have been classified as Shariah-compliant by the Shariah Advisory Council (SAC) of the Securities Commission, as the case may be and that all deposits and money market instruments placed by the Funds are Shariah-compliant. ا عٱي واالله For and on behalf of the Shariah Committee.. USTAZ DR. AHMAD SHAHBARI@SOBRI SALAMON (Chairman).. USTAZ DR. YUSOF RAMLI (Committee Member).. USTAZAH DR. ASMAK AB. RAHMAN (Committee Member) Date: 28 October 2015 (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 34

35 4.0 Directors Declaration ANNUAL REPORT FOR THE YEAR ENDED 31 August 2015 To the Unit Holders of BIMB Dana Al-Falah We, Mustapha Bin Hamat and Najmuddin Bin Mohd Lutfi, being two of the directors of the Manager, BIMB Investment Management Berhad, for BIMB Dana Al-Falah, do hereby state that in our opinion, the accompanying Statement of Financial Position, Statement of Profit or Loss and other Comprehensive Income, Statement of Changes in Net Asset Value and Statement of Cash Flows are drawn up so as to give true and fair view of the Statement of Financial Position of the Fund as at 31 August 2015 and Statement of Profit or Loss and other Comprehensive Income, Statement of Changes in Net Asset Value and Statement of Cash Flows for the year ended on that date. For and on behalf of the Board of Directors, MUSTAPHA BIN HAMAT (Non Executive Independent Director) NAJMUDDIN BIN MOHD LUTFI (Chief Executive Officer) Date: 28 October 2015 (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 35

36 5.0 Independent Auditor s Report Independent Auditors Report to the Unitholders of BIMB Dana Al-Falah (Established in Malaysia) Report on the Financial Statements We have audited the financial statements of BIMB Dana Al-Falah ( the Fund ), which comprise the statement of financial position as at 31 August 2015, and the statements of profit or loss and other comprehensive income, changes in net asset value and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information, as set out on pages 38 to 66. Manager s and Trustee s Responsibility for the Financial Statements The Manager of the Fund is responsible for the preparation of financial statements that give a true and fair view in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards. The Manager is also responsible for such internal control as the Manager determine are necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Trustee is responsible for ensuring that the Manager maintains proper accounting and other records as are necessary to enable true and fair presentation of these financial statements. 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 judgement, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager, 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 (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 36

37 In our opinion, the financial statements give a true and fair view of the financial position of the Fund as of 31 August 2015 and of its financial performance, changes in net asset attributable to unitholders and cash flows for the year then ended in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards. Other Matters This report is made solely to the unitholders of the Fund as a body in accordance with Securities Commission s Guidelines on Unit Trust Funds 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 Ow Peng Li Approval Number: 2666/09/15(J) Chartered Accountant Petaling Jaya, Selangor Date: 28 October 2015 (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 37

38 6.0 Financial Statements (Audited) BIMB Dana Al-Falah 6.1 Statement of Financial Position as at 31 August 2015 Investments Note RM % RM % Quoted securities 4 11,121, ,188, Islamic debt securities 5 3,967, ,974, Other assets 15,089, ,162, Amount due from stockbroker , Amount due from Manager , Other receivables 136, , Current tax assets 4,059-4,059 - Cash and cash equivalent 6 10,388, ,952, Total assets 28,618, ,466, Liabilities Amount due to stockbroker , Amount due to Manager 676, ,430 - Other payables 61, , Total liabilities 738, , Unitholders fund 24,879, ,264, Unitholders capital 7 30,605, ,809, Distribution equalisation 117, , Accumulated losses (5,843,100) 23.5 (183,933) (0.6) 24,879, ,743, Distribution payable - - 1,521, ,879, ,264, Number of Units in Circulation 7 54,294,763 53,372,537 Net Asset Value Attributable to unitholders 24,879,924 29,743,041 Net Asset Value per Unit (sen) 45.8 sen 55.7 sen The notes on pages 42 to 66 are an integral part of these financial statements. (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 38

39 Income BIMB Dana Al-Falah 6.2 Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 31 August 2015 Note RM RM (Loss) /Gain on sale of shares (3,545,312) 1,345,746 Dividends from shares quoted in Malaysia 684, ,652 Income from Islamic debt securities 181, ,366 Income from short term investments 84, ,767 Gain on disposal of Islamic debt securities - 14,600 Hibah from Al-Wadiah account 811 1,391 Net (loss)/gain from financial instruments at fair value through profit or loss (2,522,351) 482,163 (5,116,396) 2,872,685 Less : Amortisation of premium (5,712) (5,939) Gross (loss)/income (5,122,108) 2,866,746 Expenses Manager s fee 8 461, ,096 Trustee s fee 9 24,618 26,032 Audit fee 11,000 10,000 Tax agent fee 2,000 2,000 Administrative expenses 37,860 26, , ,398 Net (loss)/income before taxation (5,659,167) 2,314,348 Tax income 10-2,195 Net (loss)/income after taxation (5,659,167) 2,316,543 Other comprehensive income for the year - - Total comprehensive (loss)/income for the year (5,659,167) 2,316,543 Total comprehensive (loss)/income for the year consist of: Realised (loss)/gain (3,136,816) 1,834,380 Unrealised amount (2,522,351) 482,163 The notes on pages 42 to 66 are an integral part of these financial statements. (5,659,167) 2,316,543 (BIMB DANA AL-FALAH; ANNUAL REPORT FY 31 AUGUST 2015) 39