• The Tenants of the Properties are operating as specialist hospitals in the healthcare sector, which are permissible activities according to Shariah;
  • The rental income of the Al-'Aqar Healthcare REIT are derived from Shariah permissible activities, i.e currently from the operations of specialist hospitals and shall remain guided by the 20% benchmark as determined by the Security Commission of Malaysia for the criteria on rental from non-permissible activities;
  • The Al-'Aqar Healthcare REIT will not own real estate in which allthe tenants operate non-permissible activities. The current tenants are alloperators of the respective specialist hospitals;
  • The fund managers of Al-'Aqar Healthcare REIT must not accept a new tenant(s) whose activity is fully non-permissible under Shariah. In the case of tenant(s) operating in mixed activities, method of calculating the portion of rental derived from non-permissible activities from the total rental must comply with the Guidelines for Islamic REIT;
  • The Al-'Aqar Healthcare REIT will ensure all forms of investment, deposit and financing instruments comply with Shariah principles. Al-'Aqar Healthcare REIT will be raising an Islamic financing facility to finance the acquisitions of the Properties;
  • The Manager will obtain and maintain Takaful schemes insurance coverage on the assets of Al-'Aqar Healthcare REIT against fire and public liability, which are statutory insurance requirements as well as loss of rent insurance and other required insurances, if applicable. Only if the Takaful schemes are unable to provide the insurance coverage, then the Al-'Aqar Healthcare REIT is permitted to use conventional insurance schemes;
  • General compliance, where relevant, on any other requirements as stipulated under the Guidelines for Islamic REIT; and
  • The Shariah Committee Members of the Al-'Aqar Healthcare REIT has endorsed and approved the Al-'Aqar Healthcare REIT scheme to be in compliance with Shariah principles.

The Shariah Advisory Committee

DATO’ DR. HAJI NOOH BIN GADOT Chairman, Shariah Advisory Committee

Nationality: Malaysian
Age: 75
Gender: Male

Appointment Date
  • 22 June 2006
Academic and Professional Qualifications
  • Bachelor Islamic Law and Syariah Islamiah Al-Azhar University, Egypt
  • Master of Arts Asia e University
  • Doctor of Philosophy (Human Development) Universiti Tun Hussein Onn Malaysia
Working Experience

Currently, he is an Islamic Advisor to DYMM Sultan Johor and Advisor to Johor State Islamic Council. He is a member of the Johor Royal Council and Islamic Religious Council (Johor). He retired as Mufti of Johor in November 2002 and continued his service until 13 November 2008 and now remains as the Advisor to the Islamic Religious Council (Johor). He was appointed as Federal Supreme Committee of Islamic Affairs Strengthening Management on 9 August 2018. His vast experience in Islamic practise and jurisprudence, juristic methodology, hadith and its sciences and spirituality were gained throughout his services as Acting Kadi, Syarie Lawyer Islamic Affair Officer Religious Department (Prime Minister Department), Acting Assistant Examination and Registrar Religious School of Johor State and Religious Teacher of Johor State.

Other Directorship
  • Chairman of Yayasan Infaq Angkasa
  • Shariah Adviser Member, Permodalan Nasional Berhad
  • Director, Universiti Tun Hussein Onn Malaysia
  • Director, Yayasan Wakaf Anak Yatim Malaysia
  • Committee Member, Johor Islamic Council including Zakat, Wakaf, Baitulmal, Teaching Certification and Education
  • Committee Member of various companies within the JCorp Group
  • Committee Member of various councils including the Johor Royal Congregational Council, Johor Islamic Council’s Finance and Investment, Planning and Development units

PROFESOR MADYA DR. ABDUL HALIM BIN MUHAMMAD Member, Shariah Advisory Committee

Nationality: Malaysian
Age: 76
Gender: Male

Appointment Date
  • 22 June 2006
Academic and Professional Qualifications
  • Bachelor in Shariah Al-Azhar University, Egypt
  • Doctor of Philosophy (PhD) in Shariah St. Andrews, University of Scotland
Working Experience

He began his career with Universiti Kebangsaan Malaysia as the Head of Department of Quran and Sunnah, Faculty of Islamic Studies and Lecturer at Faculty of Law Universiti Kebangsaan Malaysia.

He has served as Shariah Advisor and Shariah committee member at several corporate organisation such as Tabung Haji, Bank Negara Malaysia, Dewan Bahasa dan Pustaka, Takaful Nasional and Terengganu Trust Fund as well as financial institutions namely, Bank Muamalat Malaysia Berhad, Bank Kerjasama Rakyat Malaysia Berhad, RHB Bank Berhad and Bank Pembangunan Malaysia Berhad.

Other Directorship
  • Shariah Committee Member Terengganu Trust Fund
  • Trust Fund Amanah Saham Darul Iman
  • Kelantan Ulama Council

Islamic Banking and Finance Insititute Malaysia (IBFIM)

IBFIM is an industry-owned and Regulator-linked institute whose objective is to serve the needs of the Islamic finance industry stakeholders in talent and business development.

Since 2001, IBFIM has been conducting training programmes as well as extending business and Shariah advisory services. IBFIM's tagline "Your Islamic Finance Solutions Partner" manifests its close rapport with the industry and its wide range of services.

As market leader, IBFIM's certification programmes are developed, moderated and recognized by the industry. The programmes cover four disciplines: banking, takaful, capital market and wealth management. IBFIM's Islamic Finance Qualifications are mapped out in an innovative Progression Route which in itself is a motivation for industry personnel to enhance their competencies in moving up the corporate ladder.

IBFIM's stock screening methodology is best practice, serving clients seeking truly Shariah compliance. IBFIM is the market leader in Shariah advisory for Shariah-based funds and in Shariah audit. IBFIM has helped in the conversion and establishment of Islamic financial institutions.

IBFIM is a registered Shariah Adviser (Corporation) with the SC.

For more info about IBFIM please visit: http://www.ibfim.com