Post -Test Islamic Fund Management

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1. Which of the following statements is FALSE in relation to Islamic fund management in Malaysia?

1 point

An Islamic fund manager shall not offer fund management services that involve Shariah’s non-compliant investment.

Fund managers that offer among others Islamic funds must state in its constitution that the Islamic fund management aims to achieve its commercial objectives following Shariah principles.

An Islamic fund manager should ensure that their compliance officer is well versed in Islamic fund management and have adequate Shariah knowledge in Islamic finance and capital market.

An Islamic fund manager is required to appoint an independent Shariah adviser to advise on all aspects of Islamic fund management business in line with Shariah.

2. Which of the following types of Shariah Advisers are listed according to the Guidelines for Shariah Advisers?

I. Individual Shariah Adviser

II. Corporation Shariah Adviser

III. Financial Institution Shariah Adviser

1 point

I, II & III

II & III

I & III

I & II

3. The following funds offer open-ended and close-ended features in Collective Investment Schemes EXCEPT:

1 point

Listed Real Estate Investment Trusts

Wholesale Funds

Unit Trust Funds

Private Retirement Schemes

4. Based on the Guidelines on REITs and Listed REITs, Islamic REITs are subject to not having 20% or more Shariah non-compliance rental income upon establishment. However, the 20% threshold is reduced to 5% by the end of the Islamic REIT’s ………………..

1 point

20th financial year

5th financial year

10th financial year

15th financial year

5. What are the purposes of a venture fund or corporation that manages investment in securities of venture corporations as stated under the Guidelines on the Registration of Venture Capital and Private Equity Corporations and Management Corporations?

I. Seed capital financing

II. Start-up financing

III. Early-stage financing

IV. Leveraged Buy-Out

1 point

I & II

I, II, III & IV

II & III

I, II & III

6. Which one of the following statements is FALSE in relation to a Waqf fund?

1 point

Its primary objective is to allow its unit holders to channel all or part of the distribution of the capital of the fund for waqf purposes

The first Waqf fund in the form of a unit trust in Malaysia was launched in 2021

Eligible waqf recipients are limited to all State Islamic Religious Councils (SIRCs) or organisation authorised by the SIRCs

Its primary objective is to allow its unit holders to channel all or part of the distribution of the income of the fund for waqf purposes

7. You have a holding of 10,000 shares in Shariah-compliant stock PQR that you bought two years ago at RM5.00 each. You received 30 sen net dividend twice, i.e. 6 months ago and 18 months ago. Its share price closed at RM8.00 two days ago when it was reclassified as Shariah non-compliant. As a result, you sold all the 10,000 shares of XYZ yesterday and today at an average net price of RM8.20 per share. How much is involved to purify the investment?

1 point

RM8,000

RM38,000

No purification is required

RM2,000

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