Corporate Governance

The Board of Directors (the “Board”) is responsible for the overall governance of the Firm through continuous review and adherence to international best practice and standards. The Board determines the Firm’s strategy, provides direction to the Executive Management, ensures that the control framework is functioning in accordance with best practice and monitors Executive Management’s performance.

1. Board of Directors

The Board meets regularly throughout the year to control strategic financial operations, internal control and compliance issues. Directors hold their office for a term of three (3) years. As of 31 December 2022, the board of directors was comprised of seven (7) Directors.

1.1 Board Audit Committee

The Board has established one sub-committee. This committee structure ensures appropriate oversight by the Board, while permitting efficient day-to-day management of the Firm. The Board Audit Committee assists the Board in reviewing the integrity of the financial statements, compliance with legal and regulatory requirements, the Firm’s internal audit function and the independent auditor’s qualifications, independence and performance as well as oversight on corporate governance and risk management matters. The Board Audit Committee is required to meet at least four (4) times a year.

2. Independent Shari’ah Supervisory Board

Being an Islamic Investment Company, the Firm established a Shari’ah Supervisory Board, comprising expert independent Shari’ah scholars to assist the Board in expeditiously and effectively discharging its responsibilities. The Shari’ah Supervisory Board regularly reviews all investment products and business activities to ensure compliance with Islamic Shari’ah principles, approves the Firm’s financial statements and participates with management in the development of suitable investment products and services.

3. Management Committees

a. Executive Management Committee

b. Management Investment Committee