New ANNUAL REPORT2016 - IIUM Holdings · 2017. 10. 8. · Annual Report 2016 3 Vision & Mission...

Annual Report 2016 1

(Wholly owned by International Islamic University Malaysia)

(545961-X)

ANNUAL REPORT2016

IIUM Holdings Sdn. Bhd.2

table ofcontents

• Core Values, Vision & Mission

• Corporate Information, Board Committees, Management Team

• Corporate Structure

• 5 Years Financial Highlights

• Chairman’s Statement

• Group CEO’s Review

• Board of Directors

• Director’s Profile

• Corporate Report

• Financial Statements

• Corporate Directory

3

4

5

6

7 - 11

12 - 15

16 - 17

18 - 22

23 - 42

43 - 98

99 - 103


Vision& Mission

Vision

To be the leading University-Based Company Internationally.

Mission

•We pledge to offer excellent services and value to our customers by our strategic resources and expert areas. While venturing into hi-tech areas, we continue to uphold our Core Values and business ethics.

•As the business arm of the University, we are committed to promote and commercialize our expertise and products. While doing this, we will simultaneously inject and inculcate the culture of entreprenuership in

the community.

•In aiming for profitable returns for the Company, we also strive to meet our financial obligations to the

University while at the same time, being attentive to our employee’s welfare and development.


CorporateInformationChairmanTan Sri Dato’ Seri Utama Dr. Rais Yatim

Deputy ChairmanTan Sri Dato’ Sri Abdul Aziz bin Abdul Rahman

Board of DirectorsProf. Dato’ Sri Dr. Zaleha binti KamarudinDato’ Haji Ahmad Zailan bin ShaariProf. Dr. Ashgar Ali bin Ali MohamedDato’ Rosini binti Abd. SamadDato’ Jamaludin bin HassanDatuk Haji Ir. Khalilur Rahman bin Ebrahim

Registered OfficeLevel 3, Administration Building, Central Complex,International Islamic University MalaysiaJalan Gombak, 53100 Kuala LumpurNo. Tel : (+603) 6196 4331No. Fax: (+603) 6196 4332

Principal BankerBank Islam (M) Berhad

Company SecretaryInong Putri binti Abdullah (LS 0006938)

AuditorsMessrs Afrizan Tarmili Khairul Azhar (AF 1300)

BoardCommitteesAudit Committee• Dato’ Rosini binti Abd. Samad - Chairman• Dato’ Jamaludin bin Hassan

- Member• Prof. Dr. Najibah binti Mohd Zin

– Member• Prof. Dr. Mushera Bibi binti Ambaras Khan

– Member

Nomination & Remuneration Committee• Tan Sri Dato’ Sri Abdul Aziz bin Abdul Rahman - Chairman• Datuk Khalilur Rahman bin Ebrahim

– Member• Dato’ Rosini binti Abd. Samad

- Member

Remedial, Grievances & Disciplinary Committee• Dato’ Jamaludin bin Hassan - Chairman• Dato’ Rosini binti Abd. Samad - Member• Prof. Dr. Ashgar Ali bin Ali Mohamed - Member

ManagementTeamGroup CEO • Dato’ Haji Naharudin bin Ali

Group Internal Auditor • Naaimah binti Ahmad Radzi

Group Company Secretary • Inong Putri binti Abdullah

Group Legal Advisor • Nik Haizam binti Nik Jaafar


CorporateStructure

(545961-X)

• IIUM Centre for ContinuingEducation Sdn. Bhd.

• IIUM Higher EducationSdn. Bhd.

• IIUM Schools Sdn. Bhd.

• IIUM Educare Sdn. Bhd.

CONSULTANCIES & SERVICES• IIUM Entrepreneurship

& Consultancies Sdn. Bhd.

• IIUM Advanced TechnologiesSdn. Bhd.

• IIUM Corporate ManagementSdn. Bhd.

• IIUM Shariah AdvisoryServices Sdn. Bhd.

HEALTHCARE & OTHERS SECTOR• IIUM Medical Specialist

Centre Sdn. Bhd.

• IKOP Sdn. Bhd.

• IIUM Properties Sdn. Bhd.

• Daya Bersih Sdn. Bhd.

EDUCATION SECTOR


2016audited

2015actual

2014actual

2013actual

2012actual

Turnover (RM'000) 91,575

Operating Profit (RM'000)Profit Before Tax (RM'000)

Net Profits (RM'000)Total Shareholder Fund (RM'000)No. of Shares Issued ('000)

Earnings Per Share (RM)NTA per share (RM)

106,431 117,949 131,265 135,050

8,503 12,343 13,090 12,297 6,0047,091 11,072 11,712 11,094 5,100

5,580 6,180 5,527 7,467 1,2779,627 14,474 20,002 27,468 28,7465,000 5,000 5,000 5,000 5,000

1.12 1.24 1.11 1.49 0.261.93 2.89 4.00 5.49 5.75

TURNOVER

2012 2013 2014 2015 2016

91.6 106.4 117.9 131.3 135.0

RM’ MILLION PROFIT BEFORE TAX

2012 2013 2014 2015 2016

7.1 11.1 11.7 11.1 5.1

RM’ MILLION

NET PROFIT

2012 2013 2014 2015 2016

5.6 6.2 5.5 7.5 1.3

RM’ MILLIONTOTAL SHAREHOLDERS FUNDS

2012 2013 2014 2015 2016

9.6 14.5 20.0 27.5 28.7

RM’ MILLION

5 YearsFinancial Highlights


CHAIRMAN’S STATEMENTGROUP CEO’S REVIEW


“The Group remained committed to enhance shareholder’s value.

Alhamdulillah, by the Grace of Allah, the Group recorded marginal growth in its

annual turnover”

Tan Sri Dato’ Seri Utama Dr. Rais YatimChairman

Chairman’sStatement


ECONOMIC LANDSCAPE

The full year impact of Goods & Services Tax (GST) does bring relief to propping up Government’s coffers but subdued world oil prices continue to affect overall Government spending. The Ringgit too remains fragile and allowed imported inflation to creep into the Malaysian economy. Although the Malaysian economy maintained a Gross Domestic Product (GDP) growth of 4.2%, some industries suffered more than others. The combined effects of the above led to curtailment on public and consumer spending and this has affected the economy, especially to the business of the Group.

Amidst the uncertain economic backdrop, the Group remained committed to enhance shareholder’s value. Alhamdulillah, by the Grace of Allah, the Group recorded marginal growth in its annual turnover.

PERFORMANCE HIGHLIGHTS

For the year under review, the Group extended its growth in turnover of 3% over the previous year to RM135 million. The growth in the turnover was largely contributed by IIUM Schools Sdn Bhd which revised its fees upwards and enjoyed an increase in student enrolments. The consultancy subsidiaries too, all recorded growth in their businesses, although their impact on the Group is still negligible.

At the Profit Before Tax (PBT), the Group suffered a drop of more than 50% to RM5.1 Million. The International Islamic College (IIC) which had its highest ever number of students graduating in 2016, suffered miserably by registering a loss of more than RM3.3 Million against a profit of RM3.5 million in the previous years. The negative impact has been anticipated due to the low student enrolment over the last 3 years. The losses suffered by the Healthcare sector further aggravated the Group’s overall profitability.

IIC has since taken drastic measures to stem the losses and possibly breakeven this year with cost cutting initiatives including reducing working hours

On behalf of the Board of Directors, I am pleased to present the Annual Report andAudited Financial Statements of IIUM Holdings Group for the year ended 31st December 2016.

HUMAN CAPITAL

To strengthen our leadership position among university holding companies, we are conscious of the need to invest in our competitive advantage, i.e., our people. Employees are constantly provided access to training and skills improvement, as the Group is committed to the development of human capital in the long run. High performing employees continue to receive commendations and financial rewards to spur greater commitments.

In order to ensure business continuity and growth, the Group adopts talent management strategy that ensures a healthy pipeline of strong and talented leaders. Several strategic and senior management training were carried out during the year to develop teams of high- calibre managers.

We have also put in place an on-the-job training programme for fresh graduates under the Skim Latihan 1Malaysia and an internship for students from the various faculties of the International Islamic University Malaysia (IIUM).

A new salary scheme of service has been drafted to ensure the Group remain competitive in the employment market and boost staff morale. The implementation however has been deferred to a more suitable date in line with the Group’s effort to curtail and manage operating costs.

135TURNOVER

MILLION

and cutting on staff numbers for a more cost-effective student/staff ratio. Extra efforts are now focused on marketing to reverse the trend of low student enrolment.


The Group is also committed to expanding its “Budi” program which was first carried out in October 2016 With education as its core business, the Group is well positioned to spread the “Budi” culture onto our future generations via the lecturers and teachers at college and school levels.

COMMUNITY OUTREACH

The success of the community outreach programs undertaken by the various units within IIUM and in conjunction with the Office of the IIUM President, has led to greater commitment and more funds to be allocated as part of the Group’s CSR objectives in giving back and sharing with the IIUM community.

The Group has also responded to the needs of specific category of students by providing free food. For a start, 200 lunch packets are now being provided on weekdays for needy students.

In addition, the Group is also committed to contribute towards several upgrading and beautification projects within the campus grounds of IIUM.

OUTLOOK

The Budget 2017 as announced by YAB Prime Minister has already anticipated subdued contribution from Petronas due to low world oil price. Such tightening of spending will continue to have an effect on the Group’s business. The Malaysian Employers Federation is already anticipating retrenchment numbers to exceed 50,000 employees this year. The Group takes cognizant of the above realities and must strategize to overcome the challenges.

In lieu of retrenchment, the Group has adopted a moratorium on annual salary increase to combat increasing operating expenses. Working hours too have been reduced for certain sectors to further reduce manpower costs.

Year 2017 is now dubbed as the Start-up and SME Promotion Year and the Group will be working with several start-up companies to further commercialize R&D potentials. The Group is leveraging on the strength of the University’s R&D, and tapping available funding for R&D and commercialization grants.

The growth in Healthcare sector will provide some positive outlook in terms of business growth. However, the sector is not expected to contribute to the bottom line as profits from the operation of the 24-hour medical specialist centre are only expected in year 2019.


ACKNOWLEDGEMENT AND APPRECIATION

Our continued growth has been thus far the collective effort of many parties. I would like to convey my sincerest appreciation to the Board of Directors for their invaluable expertise and insightful contributions. On behalf of the Board of Directors, I would like to thank YBhg Prof. Dr Nik Ahmad Kamal Bin Nik Mahmod who retired in 2016 for his contributions during his tenure. I would also like to extend a warm welcome to YBhg Prof. Dr. Asghar Ali Bin Ali Mohamed and YBhg. Dato’ Hj Ahmad Zailan Ashaari@Shaari who were both appointed on 6th September 2016. YBhg. Dato’ Ahmad Zailan has been with the Board on many occasions previously, whilst this appointment is a first for YBhg Prof. Dr. Asghar Ali. I am confident that both directors will bring along their wealth of experiences hence will contribute greatly to the Group.

To our shareholders, the International Islamic University of Malaysia, we are ever grateful for the continuing and unrelenting support. Our appreciation and gratitude also go to all stakeholders, our customers, the authorities, bankers and financiers, clients, business partners and associates for their faith in our Group. Their invaluable support has played a great part in our achievements over the years.

Last but not least, my sincere thanks to our management team and dedication of our employees that enabled us to deliver our mandate. I hope that the employees will continue to spur the Group to greater heights as we look forward towards the prospects and face the challenges in 2017.

Tan Sri Dato’ Sri Utama Dr. Rais YatimChairman


Group CEO’sReview

“On a positive note, the Group is looking at revival to rise and go beyond the norm.

The new investments totaling RM100 Million will enable the Group to continue its upward trend in business turnover”

Dato’ Haji Naharudin AliGroup Chief Executive Officer


Undeniably, 2016 was not without its fair of challenges, and Alhamdulillah, by the Grace of Allah, the most Compassionate and Merciful, the Group still managed a to register a marginal increase in business turnover. Our bottom line however was impacted greatly by the tough economic environment at the local front.

As anticipated the lower Government spending affected the Group’s business. The Goods & Services Tax (GST) implementation had its full impact in Year 2016 and increased the Group’s operating expenses marginally. The GST implementation however had a positive impact to increase Government’s revenue and offset the drop in revenue from Petronas which was grossly affected by subdued world oil prices.

FINANCIAL HIGHLIGHTS

For the year under review, the Group recorded a marginal increase in turnover to RM135 million. The Group’s satisfactory performance is a bag of marbles with the newer subsidiaries showing improvements whilst other more established subsidiaries having a bad spell in their business.

The Group has committed to nearly RM100 million in investment of non-current assets. Of these RM50 Million has been expended in the last 12 months and the Group is optimistic of continued growth on its top line performance over the next few years.

At the profitability level however, the Group recorded a Profit Before Tax (PBT) of RM5.1 million, a drop of 50% from the previous year. The adverse business conditions as anticipated greatly affected the Group’s profitability. Consequently, the Group suffered a much lower Profit After Tax of RM1.3 million but managed to strengthen the shareholders’ funds further to put the Group in a much stronger financial standing. Group long term borrowings too increased by RM40 million to part-finance non-current assets.

TURNOVER

2012 2013 2014 2015 2016

91.6 106.4 117.9 131.3 135.0

RM’ MILLION

PERFORMANCE BY SECTORS

The Education sector improved further on its turnover to RM64.8 million, contributing nearly 50% to the Group’s turnover. The increase in school fees and higher number of students at all the schools operated by IIUM Schools Sdn Bhd (iSSB) increased its turnover by 20% from previous year. IIUM Higher Education Sdn Bhd (iHESB) which manages the International Islamic College (IIC), suffered a drop in turnover from RM23.4 million to RM19.1 million. The low enrolment numbers over the last 2 years coupled with highest ever number of students that graduated in 2016 led to a marked drop in student population at IIC. The student population is expected to improve slightly with IIC’s expected enrolment of 1,500 students targeted in 2017.

Despite the completion of the in-patient ward in Kuantan in May 2016 and securing the operating license for IIUM Medical Specialist Centre Sdn Bhd (iMSC), the turnover for the healthcare is still very low. With the registration of iMSC as a panel healthcare service provider with the big insurance companies like AIA and BSN Prudential in 2017, the turnover will be expected to improve in future years.

The lack of new development and construction projects under IIUM Properties Sdn Bhd (iProperties) also affected the Other Sector turnover. The revenue for the facility maintenance services (FMS) remains flat at RM50 million level.


The newly established subsidiaries under Consultancies are showing improvements with doubling of turnover and contributing RM6.4 Million to the Group’s turnover. The figure however is still insignificant in comparison to the Education and FMS business.

The Education sector remained the most profitable sector, contributing RM3.8 million to the Group’s PBT. The stellar performance of iSSB however was dampened by losses at iHESB and IIUM Educare Sdn Bhd (iEducare). With the restructuring of student fees and subsidies from IIUM, iEducare is expected to turn around in 2017, however profitability for iHESB will still be affected by low student population.

The profit contributions from FMS business was reduced, as a result of inflationary pressures on its operating costs. The lack in property and construction projects resulted in losses for iProperties.

The subsidiaries under the Consultancies have all made profits although the impact on the Group is still very minimal.

TOWARDS LONG TERM SUSTAINABILITY

The Group has invested substantially in properties and infrastructure projects to ensure growth and long term sustainability. The Sales and Purchase Agreement signed with Tunas Selatan Construction Sdn Bhd in 2015 will see the completion of the 8 blocks of student hostels towards the second half of 2017. The RM78 million complex will provide rental income of nearly RM10 million annually.

The new school block for International Islamic School is also expected to be completed and delivered in early 2017. This RM12.8 million building will increase the capacity of student by at least 250 more students. The Group intends to capitalize on the growth in private education.

iProperties will also be completing the development and construction of a 2 storey student centre in Gombak campus. The RM8.5 million complex was constructed on a build lease & transfer (BLT) concept for IIUM and will generate an additional income of RM640,000 annually. iProperties has also identified more development projects that will aid IIUM’s income generation via monetization of its assets and landbanks.


The Group will also continue its focus on commercialization activities. Collaboration with start-ups and SME business are being established to create new markets for its recBromelain. The new potentials identified include use of recBromelain for cheese production in place of rennet, soy production to accelerate fermentation process and animal feed for accelerated growth and increase immunity to diseases. The Group may be required to invest heavily in a new recBromelain production plant once the business potentials are realized.

A recent report by Malaysian Employer’s Federation (MEF) anticipated that retrenchment for year 2017 may exceed 50,000 employees. Although the Group does not have a life-long employment policy, the Group is averse to retrenchment exercises. In order to stem rising cost of employment, Management has instituted a moratorium on annual salary increment, throughout the Group, for year 2017. Performance bonuses and incentives however will still be paid out by subsidiary companies that have performed well and exceeded expectations.

In line with the Ministry of Higher Education (MOHE) University Transformation Program (UniTP) to enhance income generation for public universities, the Group has been successful in increasing the shareholders’ fund as well as creating value of its assets. The potential net worth of the Group is now more than RM100 million. In line with the UniTP guidelines, the Group may embark on partial divestment to realise the values created.

POSITIVE OUTLOOK

The economic landscape will be everchanging but economic uncertainties do promise challenges and opportunities. On a positive note, the Group is looking at a revival, to rise and go beyond the norm. To this end, the Group will benefit from the RM10.0 million 55 bed in-patient facility in Kuantan which was financed by IIUM Retirement Fund. The new investments totaling RM100 Million for the student hostel, new school building and student centre will enable the Group to continue its upward trend in business turnover.

As a turnaround plan, iHESB is focused on strategies for marketing to increase enrolment numbers for its college. iHESB is also implementing blue ocean strategy and offering our

programs overseas. Cost cutting measures, including reducing number of working hours, are already in place to reduce operating expenses. The outlook on private education remains bright and the Group will intensify its efforts to expand the business and establish new branches in and around Klang Valley.

Healthcare services costs will continue to increase and this will offer an avenue for the Group to capitalize on in the near future. iMSC however will continue to make losses at least for another year or so, but its is a conscious decision to venture into this high growth area. The pilot plant at Kuantan will be expected to produce commercially. For a start hand sanitizers are being produced on a small scale. The analgesic cream, which has obtained registration from the National Pharmaceuticals Registration Agency (NPRA) is attracting serious interests, and IKOP Sdn Bhd which is managing the commercialization of the pilot plant is in the process of negotiating to supply to government hospitals and clinics via Pharmaniaga Berhad under the Ministry of Health vendor-development program for local manufacturers.

ACKNOWLEDGEMENT AND APPRECIATION

The Group’s resilient thus far has been by the grace of Allah. I am truly grateful to the Board of Directors for their continuing faith in me to lead and drive the Group to greater heights. On that same token, the success of the Group is a team effort and my sincere thanks to the management team and employees who have continued to demonstrate their loyalty, dedication and perseverance through these challenging times. Their display of tenacity and collaborative efforts at all levels, help support the management team to drive the business, and is testament of their commitment to their call of duty.

I would like to record my deepest appreciation to our customers, suppliers, business partners and most importantly our shareholders, IIUM for their continued trust and support.

Dato’ Hj. Naharudin AliGroup Chief Executive Officer


Board ofDirectors

Sitting from left:

Tan Sri Dato’ Seri Utama Dr. Rais Yatim (Chairman), Prof. Dato’ Sri Dr. Zaleha binti Kamarudin


Standing from left:

Datuk Haji Ir. Khalilur Rahman bin Ebrahim, Tan Sri Dato’ Sri Abdul Aziz bin Abdul Rahman (Deputy Chairman), Dato’ Jamaludin bin Hassan, Prof. Dr. Ashgar Ali bin Ali Mohamed, Dato’ Rosini binti Abd. Samad, Dato’ Haji Ahmad Zailan bin Ashaari@Shaari


Director’sProfile

YBHG. TAN SRI DATO’ SERI UTAMA DR RAIS YATIMChairman of IIUM Holdings Sdn. Bhd.

Tan Sri Dato’ Seri Utama Dr. Rais Yatim is the current President of International Islamic University Malaysia (IIUM). He is also the Special Adviser to the Malaysian Government on socio-cultural matters, with ministerial status.

Tan Sri Dr. Rais Yatim has had a long and chequered career in Malaysian politics and administration. His political career took off in 1974 with his appointment as Parliamentary Secretary to the Ministry of Culture, Youth and Sports under Tun Abdul Razak, Malaysia’s second Prime Minister. He spearheaded Malaysia’s main anti-drug movement in 1976 when he formed PEMADAM, the National Anti-Drug Association and became its president for 11 years (1976-1987). Since 1976 he has served under all subsequent Prime Ministers and has held various ministerial portfolios, including:

• Parliamentary Secretary Culture Youth & Sport (1974 – 1976)• Deputy Minister of Law (1976-1977)• Deputy Minister of Home Affairs (1977-1978)• Chief Minister of the State of Negeri Sembilan (1978-1982)• Minister of Land and Regional Development (1982-1984)• Minister of Information (1984-1986)• Minister of Foreign Affairs (1986-1987)• Minister in the Prime Minister’s Department – legal portfolio (1999 – 2004)• Minister of Culture, Arts and Heritage (2004-2008)• Minister of Foreign Affairs (19 Mac 2008 – Mac 2009)• Minister of Information, Communication and Culture (2009-2013)• Socio-Cultural Advisor to the Government (2013 – present)

Tan Sri Dr. Rais who holds an LL.B (Hons.) degree (1973) from the University of Singapore and a Ph.D in Law (1994) from King’s College, University of London is also a qualified specialist language teacher, graduating from Malaysia’s Language Institute in 1964. Pursuant to this niche qualification he was enlisted thereafter to teach Bahasa Melayu to the American Peace Corps volunteers in DeKalb Illinois and Hawaii, USA.

A qualified lawyer, he was called to the Malaysian Bar in 1973 during which period he set up his legal practice – Ram Rais and Partners in Kuala Lumpur. He was called to the Singapore Bar in 1999. A keen photographer-writer, Dr. Rais has written extensively on various topics, especially on law, politics and social engineering and published extensively. Among his major works are Patterns of Anthropology (Translation – 1973), Faces in the Corridors of Power (1978), Executive Power and Rule of Law in Malaysia (1995), Zaman Beredar Pusaka Bergilir (2001), Jelebak Jelebu Corat-coret Anak Kampung (2005), Cabinet Governing in Malaysia (2006), Pantun & Bahasa Indah : Jendela Budaya Melayu (2013) and his latest work, Adat: The Legacy of Minangkabau. Presently Dr. Rais is spearheading the BUDI (Virtue) programme a promotion geared towards a virtue-practical society with accent on University life.


Tan Sri Dato’ Sri Abdul Aziz bin Abdul Rahman represents the Government of Malaysia as a member of the Board of Governors of International Islamic University Malaysia (IIUM).

He graduated with a Bachelor of Commerce from University of New South Wales, Sydney, Australia. He is a member of the Malaysian Institute of Certified Public Accountants (MICPA) and the Malaysian Institute of Accountants (MIA) and obtained his master of philosophy (MPhil) from National University Malaysia (UKM).

YBHG. TAN SRI DATO’ SRI ABDUL AZIZ BIN ABDUL RAHMANDeputy Chairman of IIUM Holdings Sdn. Bhd.

He has served as Chairman and Board member of several government institutions, agencies and public listed companies, both in Australia and Malaysia. At the corporate level he has worked with Price Waterhouse & Co. Sydney, Malaysia Airlines and as Managing Director of Bank Rakyat Bhd before venturing into politics and public service as the Pahang, State Executive Councilor and Deputy Chief Minister. He was a Senator of Malaysian Parliament for a maximum period of two (2) terms. He has also been a presenter for “Fast Forward” programme on Radio Television Malaysia (RTM1).

Presently, he is Chairman of Chuan Huat Resources Berhad and Board Member of Affin Islamic Bank. He is also the President of the Malaysian Council of Former Elected Parliamentary (MUBARAK) and Riding for the Disable Malaysia (RDA).

YBHG. PROF. DATO’ SRI DR. ZALEHA BINTI KAMARUDINDirector of IIUM Holdings Sdn. Bhd.

Prof. Dato’ Sri Dr. Zaleha Kamarudin obtained her LL.B (Hons) from University Malaya in 1985, Master’s Degree in Comparative Laws and Advanced Diploma in Sharia Law and Practice from the International Islamic University Malaysia, and her PhD in Comparative Laws at UCL, London University in 1994. She was admitted as Advocate and Solicitor of the High Court of Malaya in 1986. She has served the International Islamic University Malaysia for more than 32 years in various capacities. Before her appointment as the Rector of IIUM she was the Dean of the Ahmad Ibrahim Kulliyyah of Law, Dean of the Centre for Postgraduate Studies, and then Deputy Director-General of the Malaysian Institute of Islamic Understanding (JAKIM).

Prof. Dato’ Sri Dr. Zaleha was a long time member of the Selangor Council of Religious Affairs (MAIS) and a member of the Fatwa Committee for the State of Pahang. At the Federal level, she is a member of the Technical Committee on Sharia and Civil Laws, Department of Islamic Religious Affairs, Prime Minister’s Department and serves as an appointed member in the National Religious Council. As an expert in Family Law, she was appointed by the Minister of Women, Family and Community Development to be a council member of the National Women Advisory Council and also the Technical Committee for the NAM Institute for the Empowerment of Women. In 2010, she was appointed to chair the Panel on Current Issues on Women and Islam, Department of Islamic Development.

Academically, she serves as external examiner for doctoral theses and promotion for almost all established law schools in Malaysia. She is also a panel member for the Malaysian Qualifications Agency (Law Programmes). She was the Chief Editor of Tafhim: IKIM’s Journal of Islam and the Contemporary World and is also a member of the Editorial Boards of the International Journal of Muslim Unity (IIUM), Journal of Governance and Law (UUM), Advisor of the Editorial Board of the IIUM Law Journal, member of the Editorial Board of the International Journal of Economic, Social and Global Studies, International University of Sarajevo, Bosnia, and Member of the International Advisers for the Journal of Sultan Sharif Ali Islamic University, Brunei and Journal of Sharia and Law, Islamabad (IIUI).

Prof. Dato’ Sri Dr. Zaleha is recognized internationally as a leading authority on comparative family laws and a well respected figure amongst the Malaysian legal fraternity. She has received various accolades which includes the First Lady Lifetime Achievement Award from Yayasan Wanita Malaysia, Saidatina Khadijah Award – Anugerah Khas Tokoh Maulidur Rasul Peringkat Negeri Selangor 1434H/2013M, the Jewel of Muslim World Award 2013 and Ma’al Hijrah Award, State of Pahang, 1435 (2014). In 2012, she gave a keynote speech at a High-Level Thematic Debate at the UN headquarters in New York and delivered the 13th Al-Sanhuri Annual Lecture at Harvard Law School, speaking on the transformation of the Islamic legal system in the 21st century.


Director’sProfile

Prof. Dr. Ashgar Ali bin Ali Mohamed graduated with Bachelor of Law (LL.B (Hons)) and Master of Comparative Laws (MCL) from the International Islamic University Malaysia (IIUM), Master of Laws (LL.M (Hons)) from the University of Auckland, New Zealand and Doctor of Philosophy in Business Law (PhD) from the Graduate School of Management, University Putra Malaysia. He was admitted to the Malaysian Bar as an Advocate and Solicitor by the High Court of Malaya in 1992. He is currently a Professor and Dean of the Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia with more than 20 years of teaching experience.

Prof. Dr. Ashgar Ali has authored and/or edited several books on employment law, alternative dispute resolution and Malaysian Legal System as follows: Dismissal from Employment and the Remedies 2nd eds. (Petaling Jaya: LexisNexis, 2014); Retrenchment: The Law and Practice in Malaysia (Sweet and Maxwell Asia, 2012); Migrant Workers Law and Practice in Malaysia (Malaysian Current Law Journal (MCLJ), 2012); Sexual Harassment at the Workplace in Malaysia (Malaysian Current Law Journal (MCLJ), Ampang, 2011); Procedure for Unfair Dismissal Claims in Malaysia (Petaling Jaya: LexisNexis 2009), Mediation: The Law and Practice in Malaysia (Petaling Jaya: LexisNexis 2010); Malaysian Legal System (Malaysian Current Law Journal (MCLJ), 2014); Sexual Harassment in Schools and Institution of Higher Learning in Malaysia (IIUM Press, 2015) and Employment Misconduct (Petaling Jaya: LexisNexis, 2016).

Besides the above, he is frequently sought after contributor for annotation of the Malaysian Statutes (ASM) by LexisNexis Malaysia Sdn Bhd. As at April 2015, he had annotated some 40 statutes for the above publisher.

YBHG. PROF. DR. ASHGAR ALI BIN ALI MOHAMEDDirector of IIUM Holdings Sdn. Bhd.

Apart from the above, he has written numerous articles published in both local and international journals/reports and has also presented papers at numerous local and international conferences in the area of employment law, alternative dispute resolution and civil litigation, among others. His area of interest includes Employment Law, Civil Litigation, Alternative Dispute Resolution, and Shariah Law and Practice in Malaysia.

He is also a member of the Editorial Advisory Board and Board of Reviewers of the Journal of Administrative Sciences (JAS) – ISSN: 1675-1302. Further, he is a member of the Editorial Advisory Board of Malaysian Shariah Law Reports (LexisNexis) and Journal of Law and Criminal Justice, a refereed international journal, ISSN 2374-2674 (Print) 2374-2682 (Online) http://jlcjnet.com/. He was also the Executive and Steering Committee member of the Asia Pacific Mediaton Forum (APMF).

Prof. Dr. Ashgar Ali was a Visiting Fellow of the Asian law Institute (ASLI) - Faculty of Law, National University of Singapore in 2008. Currently, he is a fellow of the Institute of Labour Market Information and Analysis (ILMIA), Ministry of Human Resources. Further, he was appointed as Advisor to the Ministry of Human Resources and Manpower on National Tripartite Conference on Decent Work in 2008. Apart from above, he is an expert respondent for the subject of ‘Labour Law’ in the World Justice Project’s Rule of Law Index since 2011. He was conferred the Best Researcher award at Kulliyyah Level in 2006.


YBHG. DATUK HJ. IR. KHALILUR RAHMAN BIN EBRAHIMIndependent Non-Executive Director of IIUM Holdings Sdn. Bhd.

Datuk Hj. lr. Khalilur Rahman bin Ebrahim graduated with Bachelor of Science (Hons) in Electrical and Electronic Engineering from Brighton Polytechnic U.K. in 1973. He obtained his Master of Science in Electronics from University Technology Malaysia in 1993.

He started his career in 1973 as a maintenance engineer in the communication department of Malaysian National Electricity Board. He joined Sapura Holdings in 1984 as Head of Rnd, where he was responsible for the development of many innovative products like the PABX, mobile phones, pagers and feature phones, which won national awards.

Khalilur started System Consultancy Services in 1994, and now runs a group of 5 companies with 500 personnel dealing with Defense Technologies, Industrial Automation, SCADA systems, Building Security systems and Composites.

DK Composites pioneered in composites domes, which became well recognised landmarks in Malaysia, Singapore, UAE and Las Vegas manufactures sailing

yachts for the international market. In 2005, DK won the prestigious Christofle Asian Boating Award for Best Asian Boat Builder.

For his contribution to the industry he was awarded the Entrepreneur Award by the Malaysian Malay Chamber of Commerce in 2005 and “Darjah Mulia Seri Melaka” which carries the title “Datuk” in 2008.

He is currently :

• Executive Chairman, System Consultancy Group of Companies• Member of the Board of Governors, The Malay College Kuala Kangsar• Member of the Board of Trustee of The Malay College Foundation• Board Member, Malaysia Industry – Government Group for High Technology (MIGHT)• Board Member of the International Islamic University of Malaysia (IIUM), Education Group

YBHG. DATO’ HJ. AHMAD ZAILAN BIN ASHAARI@SHAARIDirector of IIUM Holdings Sdn. Bhd.

Dato’ Hj. Ahmad Zailan bin Ashaari@Shaari is currently the Executive Director of Finance (CFO) of the International Islamic University Malaysia (IIUM) and has been serving IIUM for the last 28 years. He obtained his Bachelor degree in Accountancy from the University Technology MARA in 1988. His career in the financial sector started in the early 80’s at the Bank Bumiputra Malaysia Berhad and Sapura Holding Berhad.

Dato’ Hj. Ahmad Zailan started his career in IIUM in 1988 as an Assistant Bursar. He was appointed as the Executive Director of Finance in 1999. He is qualified Chartered Accountant and a member of the Malaysian Institute of Accountant as well as Certified Financial Planner Malaysia. Dato’ Hj. Ahmad Zailan served as the IIUM Company Secretary from 1998 until 2006. He was the Deputy Chairman of the IIUM Balanced Scorecard (BSC) core team, which led IIUM to be inducted in the coveted award of Hall of Fame in 2008, the second university in the world to be inducted in this prestigious list. He was invited to share his experience in implementing BSC at SAS Global Conference 2009 in Washington, USA, in Performance Management Symposium held at Multimedia University, Malaysia in April 2010 and at BSC APAC Summit 2010 in Manila, Philippines.

Dato’ Hj. Ahmad Zailan was appointed as Chairman of Council of Public University Bursars (2009-2011). He was

appointed as Working Committee in the Public Finance Reform for the New Economic Model (NEM), Performance Management and Delivery Unit (PEMANDU) under Prime Minister’s Department in 2011. He was invited by the Liquid Learning (Asia) to be one of the panels for the Interactive Panel Discussion – Rethinking Finance: Finance as a University Business Partner in The International Higher Education Strategic Finance and Management Accounting Forum 2013 held in Singapore. Dato’ Hj. Ahmad Zailan spearheaded the formulation of the IIUM Strategic Plan-Financial Sustainability (2015-2030) and the Champion of IIUM Financial Sustainability. He also led the GST Committee for the implementation of GST at the Public Universities, Malaysia.

Dato’ Hj. Ahmad Zailan was appointed as Committee Member by the Ministry of Higher Education as follows:

• Working Committee for Preparation of Proposal Paper for the Improvement of Tax Implication to Donors in Public Universities in 2012. • Committee for Improvement of Guide to Assessing Good Governance in Malaysian Universities in 2015. • Monitoring Committee for Standard Accounting System for Government Agencies (SAGA) at Ministry of Higher Education level in 2016.


Dato’ Rosini binti Abdul Samad, a Malaysian aged 62, has been an Independent Non-Executive Director of MSM Malaysia Holdings Berhad since 7 January 2015. She is also the Chairman of the Audit Committee and a member of Board Governance and Risk Management Committee. She holds a Bachelor of Economics (Accounting) (Hons) from University of Malaya and Masters of Business Administration from University of Cardiff, UK. Respectively, she is also the Honorary Fellow CPA Australia, a professional member of the Malaysian Institute of Accountants (MIA) and an Audit Committee Member of The Institute of Internal Auditors Malaysia.

She has drawn decades of experience from immersion in the civil service sector. Formerly the Deputy Accountant

YBHG. DATO’ ROSINI BINTI ABD SAMADIndependent Non-Executive Director of IIUM Holdings Sdn. Bhd.

General (Corporate) in the Accountant General’s Department, Malaysia she then held The Accountant General’s Nominee on the Council of MIA. She was a member of the Board of Directors of Percetakan Nasional Malaysia Berhad for seven years (2007 – 2014) and served as Chairman of Audit Committee, member of Nominating and Remuneration Committee, Tender Committee and Disciplinary Committee.

Beginning 1 July 2015, Dato’ Rosini was appointed as Independent Non-Executive Director on the Board of IIUM Holdings Sdn. Bhd. She is also a member of Nomination and Remuneration Committee and Remedial Grievances and Disciplinary Committee and Chairman of Audit Committee.

YBHG. DATO’ JAMALUDIN BIN HASSANIndependent Non-Executive Director of IIUM Holdings Sdn. Bhd.

Dato’ Jamaludin bin Hassan graduated from the University of Malaya with a Bachelor of Economics (Honours) degree and Post-graduate Diploma in Business Analysis, University of Lancaster, United Kingdom and attended a course on Policy for Public Enterprises in Developing Countries, Harvard Institute for International Development, Harvard University Boston, USA. He started his career in the Administrative and Diplomatic Service in 1974 and had served in various capacities in the public service including positions as Assistant Director, International Trade Division, Ministry of Trade and Industry, Assistant Trade Commissioner, Malaysian Trade Mission in Sydney Australia, Secretary Road Transport Licensing Board, Ministry of Public Enterprises, Principal Assistant Secretary, International Economic Section, The Treasury, Special Officer to Secretary General, Ministry of Finance and Special Assistant to The Chairman, Malaysia Airlines System (MAS). Subsequently, he opted out to retire early from the Government Service and joined Malaysian Industrial Development Finance Berhad (MIDF) as General Manager, Corporate Affairs in 1994 and moving up to become the Chief Operating Officer of the Development Finance Division before retiring in 2007 and thereafter appointed as Advisor at the Group Managing Director’s Office.

During his tenure with the Government of Malaysia and MIDF, Dato’ Jamaludin had served on the Boards of Pahang State Economic Development Corporation, Kedah State Development Corporation, Amanah International Finance Sdn. Bhd., Amanah Factors Sdn. Bhd. and Malaysian Technology Development Corporation (MTDC). Whilst serving with the Treasury, he was also made Corporate Advisor of Sabah Gas Industry and Sabah Energy Corporation.

Beginning 28 June 2013, Dato’ Jamaludin was appointed as an Independent Director on the Board of IIUM Holdings Sdn. Bhd and subsequently made a Member of its Audit Committee and Chairman of its Remedial, Grievance and Disciplinary Committee. Dato’ Jamaludin also sits on the Board of IIUM Higher Education Sdn. Bhd. and Chairman of IIUM Centre for Continuing Education Sdn. Bhd., both of which are subsidiaries of IIUM Holdings. He is also currently the Chairman of TFP Solutions Bhd, a company listed on the ACE Market of Bursa Malaysia and has been its Independent Non-Executive Director since December 28, 2007. He also chairs the Audit Committee of the Company and Member of its Nomination Committee.

Director’sProfile


CORPORATE REPORT


International Islamic College (IIC) taking root seventeen (17) years ago, which is owned by International Islamic University Malaysia (IIUM) Holdings Sdn Bhd. serves as a gateway to knowledge and erudition.

IIC draws inspiration from IIUM’s vision and mission to become an educational institution concerned with comprehensive excellence which encompasses academic quality as well as spiritual piety. The primary objective is to educate and train young men and women to become excellent professionals so that they will be sufficiently equipped with Islamic knowledge and skills through carefully designed programs offered at this college. In pursuit of this objective, we have made it mandatory that all IIC students, to attend co-curriculum programs comprising of Usrah, Ibadah Camp, motivation & leadership talks and others.

Currently, the college is ‘home’ to 2,500 students studying for Foundation, Certificate, Diploma and Bachelor Degree programmes in its vibrant campus in the Batu Muda District of Kuala Lumpur. IIC is equipped with modern facilities and has qualified and dedicated workforce to ensure the delivery of quality education to its students. IIC embodies cultural diversity with its multi-cultural workforce and student population. The number of international intake is growing and in the spirit of openness in Islam, IIC has an increasing population of non-Muslim students, local and international alike. IIC’s distinctive educational approach of interlinking the revealed and acquired knowledge gives

students the much-needed educational grounding for them to be professionally competent and morally committed.

IIC has implemented Quality Management System and received ISO 9001:2008 certification since 2004. All of its academic programmes are accredited by Malaysia Qualification Agency (MQA). In addition, IIC has been receiving ‘A’ grade from the National Higher Education Fund Corporation (PTPTN) since 2004. IIUM Higher Education Sdn.Bhd., the company that owns IIC was also awarded with ‘Best Employer for 2016’ from Employees Provident Fund (KWSP, Selangor).

EducationSectorIIUM HIGHER EDUCATION SDN. BHD.


EducationSector

IIUM HIGHER EDUCATION SDN. BHD.

Currently, IIC offers the following academic programmes;

I. Foundation in Arts II. Certificate in EnglishIII. Certificate in Information TechnologyIV. Certificate in Business AdministrationV. Certificate in Enforcement ManagementVI. Certificate in Early Childhood EducationVII. Diploma in Accounting VIII. Diploma in Risk Management IX. Diploma in Marketing Management X. Diploma in Business AdministrationXI. Diploma in Enforcement Management XII. Diploma in Islamic Banking and Finance XIII. Diploma in Office Management & SecretaryshipXIV. Diploma in Graphic DesignXV. Diploma in Creative AnimationXVI. Diploma in Computer ScienceXVII. Diploma in Information TechnologyXVIII. Diploma in Contemporary Islamic SciencesXIX. Diploma in Islamic Early Childhood EducationXX. Bachelor of Business (Entrepreneurship), 3+0 accredited programme in collaboration with Federation University, AustraliaXXI. Bachelor of Commerce (Accounting), 3+0 accredited programme in collaboration with Federation University, AustraliaXXII. BA (Hons) Early Childhood Studies (International), 3+0 accredited programme in collaboration with Teesside University, United

Kingdom.

Internationalization of higher education has become a priority in IIC. Therefore, IIC have developed multilateral partnership with Globe Via Technology Sdn Bhd, IIC counterpart from Saudi Arabia, Fajar Hidayah Foundation (Indonesia) and Al-Jamiyah Education Centre (Singapore) to franchise our academic programmes in the respective countries. We believe that International academic collaboration as such will play an important role in the creation of joint projects in the area of education consultancy and professional development of teaching staffs as well as preparing IIC’s educational system to perform effectively in foreign environments.

The rapid development of Halal industry in Malaysia has prompted IIC to introduce a new Diploma programme; Diploma in Halal Industry Management for 2017. This programme is focused towards producing skilled graduates with knowledge of Halal practice in different industries in Malaysia especially food service operation and management.

The aim of a business is to eventually expand to international markets and explore business opportunities in global marketplace. With that objective, comes the need to hire skilled business managers who understand business processes and problems from a global point of view. Resonating with the needs, IIC will introduce Diploma in International Trade in 2017 ideally for students who aspire to have a career in Multinational Corporations (MNCs) or in the field of international operations, marketing, global tourism, shipping, logistics and consultancy.

As part of the continuing efforts of IIC to introduce more Bachelor Degree programmes to its graduates, IIC will offer Bach. Degree in Early Childhood Studies from Universiti Pendidikan Sultan Idris (UPSI) in September 2017. UPSI is Malaysia’s leading public university and widely recognized for leadership in education.


IIUM Schools Sdn Bhd (ISSB) was formed as a private education provider company in 1997 which was formerly known as IIUM Lower Education Sdn. Bhd. (ILESB). The company is providing an integrated and holistic education which adheres to the Islamic tenets and values at the primary, secondary and A-Levels, so as to allow all children to experience learning success and become life-long learners and contributing members in the community. Our schools, International Islamic School Malaysia and Sekolah Setiabudi have the best attributes of private institutions, i.e., small class sizes, stressing in high academic performance, trained and experienced teachers, providing high-quality programmes and having state-of-the-art school facilities.

Product and Services

SCHOOLS ADDITIONALPROGRAMME

IISM Primary(Gombak &Kuantan)

• Hikmah Programme• Ibadah Camps• Halaqah• Congregational Prayer• Tahfeez Programme• Swimming Class

DESCRIPTION• Grade 1-6• Cambridge International Examination Curriculum integrated with Islamic ethics, worldview, tradition and practices• Intensive English Programme• Exams: ‣ CPC - Cambridge Primary Checkpoint ‣ ICT Starters

IISM Secondary(Gombak &Kuantan)

• Cambridge International Examination Curriculum integrated with Islamic ethics, worldview, tradition and practices• Intensive English Programme (Beginner & Intermediate)• Lower Secondary (Grade 7, 8 & 9)• Upper Secondary (Grade 10 & 11) - IGCSE / O-Levels• A-Levels (Junior & Senior)• Exams ‣ IGCSE / O-Levels (Grade 11) ‣ A-Levels (AS & A2) ‣ Dual Certification Programme ‣ International English Language Testing System (IELTS)

Sekolah RendahSetiabudi

• Kurikulum Standard Sekolah Rendah (KSSR) for Year 1 - 6• JAIS Syllabus for Year 1 - 6• Exams: ‣ Ujian Penilaian Sekolah Rendah (UPSR) - Year 6 ‣ Penilaian Sekolah Rendah Agama (PSRA) - Year 6

SekolahMenengahSetiabudi

• Kurikulum Standard Sekolah Menengah (KSSM) for Form 1 - 5• Exams: ‣ Penilaian Tahap 3 (PT3) - Form 3 ‣ Sijil Pelajaran Malaysia (SPM) - Form 5

Student Profiling

Student population for the year 2013 - 2016

2016201520142013

IISM Primary

School / Year

337IISM SecondaryIISM Kuantan

IISM A-LevelsSekolah Rendah SetiabudiSekolah Menengah SetiabudiGRAND TOTAL

299 308 312373 393 400 37832 52 56 65

59 100 209 201612 634 728 812376 410 433 478

1,789 1,888 2,134 2,246

EducationSectorIIUM SCHOOLS SDN. BHD.


EducationSector

IIUM SCHOOLS SDN. BHD.ISSM

A-Levels

Foreign

STATUS

26MalaysianTOTAL

274 245 51175 104 67 14201 378 312 65

ISSMSecondary

ISSMPrimary

ISSMKuantan

596360956

TotalIISM

% of int. Students inIISM schools

62 %38 %

100 %Students Achievement 2016

• UPSR Result – Best in Gombak 2011-2015 & Best in Selangor 2015

• PSRA Result – Sekolah Cemerlang Peringkat Negeri Selangor – Awarded by JAIS

• MUMTAZ - Pemeriksaan & Pemantauan Sektor Naziran Jabatan Agama Islam Selangor 2016

• IGCSE CIE Best Performance Awards in Malaysia 1 Best in Malaysia (Islamiyat) 1 Best in Malaysia (Combined Science) 1 Highest Performance (Indonesian Language)

• Five (5) Stars Award of Standard Kualiti Institusi Pendidikan Swasta (SKIPS) for Setiabudi & IISM

• Singapore Asian Junior Robotic Cup Hosted by Al-Islam School Two Bronze Medals; One Special Award; and One Grand Prize

• Pertandingan Pidato Pelajar Antarabangsa Peringkat Kementerian Belia dan Sukan One Silver Medal: 2nd Place One Runner Up: 4th Place

• Established CIE Centre for IISM Kuantan Branch

• The 14th Inter-school Debating –Ameera Juliyana (F4) was recognized as the 25th Best Debators of the championship, out of 120 of them.

• One of two A-Levels Centre for JPA Mara Sponsorship Students

• Establishment of Al-Furqan class (Tahfeez) in Sekolah Menengah Setiabudi


Pre Amble

Imbued with Islamic spiritual values, IIUM Educare Sdn. Bhd. (iEducare) offers a conducive and positive learning environment which includes loving, supportive, and safe characteristics. These criteria meet the present requirement in our educational setting where our services for kindergarten, child care, and day care are inclusive of a curriculum design that covers moral, social, emotional, and spiritual needs of each child. Families who require our services are guaranteed with the quality provided.

iEducare aims to become the leading and internationally recognized centre for kindergarten, child care, and day care for children from as young as two months old to six years of age based on Islamic conducts and a holistic concept of education. We at iEducare also strive for an environment that is enriching and rewarding which also emphasises on a unique learning experience. Every child’s abilities and their diversities are explored, for our main goal is to adhere to guidelines set out in the Qur’an and Sunnah especially in helping the children to unlock their utmost potentials, thus producing a well-balanced and God-awareness child.

iEducare is equipped with up-to-date facilities and equipment to cater for children developmental needs. We let our students experience with various fun and learning activities such as water play, sand play, outdoor activities, field trips, and gardening as these promote physical, emotional, and social development of the children. In order to ensure quality, iEducare team works hard to design a comprehensive curriculum, workbooks, and related materials edited by the early childhood education

board of experts. Currently, the iEducare has expanded to fourteen operating outlets with 1,352 children as our precious stakeholders.

iEducare looks forward to taking further steps by exploring the opportunity in corporate agencies and has been entrusted by Telekom Malaysia Berhad (TM) to operate TM Dynamic Kids, a child development centre wholly owned by TM. The collaboration successfully commenced on the 5th January 2015. The management of iEducare believes that this is yet another platform to share their expertise with the public in the effort to benefit our young ummah.

On the 1st November of 2015, iEducare achieved another milestone when we were trusted to be the child care operator to manage the first child care centre of Malaysian Investment Development Authority (MIDA) at KL Sentral. Currently, MIDA has extended the services to kindergarten session. Soon in May 2017, iEducare will be entrusted as child care operator for TASKA 1TNB.

iEducare is continuously looking forward to collaborate with other corporate agencies in setting up and establishing their child care centre at the workplace. We take this opportunity as one of our priorities to help the community and develop the ummah. In addition to that, iEducare open its doors to entrepreneurs keen on participating in this venture under our franchise programme which will be launch soon. If you are looking for opportunity to change the world, we are the best partners to be!

EducationSectorIIUM EDUCARE SDN. BHD.


EducationSector

IIUM EDUCARE SDN. BHD.

ADVANTAGES OF IIUM EDUCARE

• Offers an integrated iEducare curriculum with PERMATA and national pre-school curriculum.• The curriculum, workbooks, and related materials are specifically designed and prepared by the iEducare team members and edited by a board of experts in early childhood education.• Utilises a sophisticated and effective learning system.• IIUM is recognised as a leading university in early child development centre.

OUR OBJECTIVES

• To educate and raise a child with love and care. • To stimulate and promote the children’s spiritual, social, physical, cognitive, and linguistic development. • To provide a child’s learning process by providing suitable exposure, opportunity, and stimulation in a positively controlled environment.• To provide and organise programs designed to meet the needs of every child. • To develop and improve logical thinking among children and educate them with appropriate learning situation around them.

AGE GROUP

• Child Care: 3 months – 3 years old• Kindergarten and Day Care: 4 years old – 6 years old

OPERATING HOURS

• Child Care : 7.40 a.m. – 6.00 p.m.• Kindergarten : 7.40 a.m. – 1.00 p.m.• Day Care : 1.00 p.m. – 6.00 p.m.


EducationSectorIIUM CENTRE FOR CONTINUING EDUCATION SDN. BHD.

IIUM Centre for Continuing Education (iCCE) was formerly known as Centre for Excellence in Continuing Education and Enhanced Teaching-Learning (C-ExCEL). iCCE was established in August 1999 after IIUM decided to reorientate itself in serving the community that lies within and beyond the confines of IIUM campus with knowledge and information. It was incorporated as iCCE in 2005.

iCCE is an education and training centre that aims at providing quality education and training accessible to a wider scope of audience. With the tagline – BRINGING IIUM TO THE COMMUNITY, iCCE offers and supports education and training programmes in various fields, from the lowest to highest institutional levels of education.

Currently iCCE offers the following academic programmes:

1. Bachelor of Business Management (previously known as Executive Bachelor of Business Management2. Bachelor of Education (specialization in Islamic Education, Guidance & Counselling and Teaching English as Second Language)3. Master of Education (specialization in Teaching of Islamic Education, Education Administration, Education Psychology, Curriculum and Instruction and Instructional Technology)

In 2016 and early 2017, we are starting with our own Al-Quran Programme for the public and school going children. The programme is called 3T Al-Quran whereby 3 aspect are focused upon in reading the Al-Quran – Talaqi, Tulis and Tashih.

Other professional development programmes that we offer also includes motivational programmes, communication skills, English and Arabic Programmes, Edu-Tourism Trainings, Teaching Methodology Course and Information Technology Programmes.

iCCE is proud and committed in ensuring quality services in the delivery of the programmes offered. Creative, fun and dynamic approaches were implemented in delivering and sustaining excellent services, of the courses offered.


Consultancies& Services Sector

IIUM ENTREPRENEURSHIP AND CONSULTANCIES SDN. BHD. IIUM Entrepreneurship and Consultancies Sdn. Bhd. (IEC) was incorporated on 7th November 2001 to pilot the consultancy and business activities of the International Islamic University Malaysia. IEC offers the finest consultation services and activities in leading areas of Economics, Management, Built Environment, Environmental Sciences, Law and Regulatory, Engineering, Medicine and Sciences, Islamic Reveal Knowledge and Human Sciences, Language and Literature and Information Communication Technology. IEC is all set to provide the best and the most comprehensive services and activities for the local and international market. Equipped with expertise, knowledge and workforce, it is forging ahead to be the leading force.

VISIONTo be a Pinnacle of Excellence in Consultancy and Entrepreneurship services.

MISSION

Provide comprehensive consultancy servicesP

Realization of Islamic and universal values and ethicsR

Exhibit the excellence of IIUM expertsE

Achieve Professional Business ConductA

Commitment to competency, efficiency, quality & excellenceC

Hosting advanced technological servicesH

OUR CLIENTS


Consultancies& Services SectorIIUM ADVANCED TECHNOLOGIES SDN. BHD.

While actively playing the role of being the International Islamic University Malaysia (IIUM) systems consolidator, IIUM Advanced Technologies Sdn. Bhd. (IAT) continues to grasp the vast opportunities inculcated within the Tech-nology sector that emphasizes on 2 main drivers:1) ICT Services – systems integration, development, training and consultancies in Information Communications Technology; and2) Research Enterprise – research engineering products that undergo commercialization with approved license from the University

ACADEMY PROGRAMME – ENGAGING BIG DATA ANALYTICS

Besides being affiliated to the Chief Government Security Office and Cybersecurity Malaysia with the aim of strengthening info security education through training and consultancy modules, IAT has also established partnership with SAS and RapidMiner to venture into Big Data Analytics by initiating postgraduate courses in Analytics and Business Intelligence and Data Science consultancy.

PROFESSIONAL TRAINING

The responsibility entrusted in physical and information security is essential for all organizations for sustenance of their business operations where these two crucial elements are considered as an integrated framework. Through smart partnership with the main industry lobby Persatuan Pengendali Kawalan Keselamatan Malaysia (PPKKM), IAT is offering Industrial Security Professional Certification programme to potential clients within the government and private sectors, focusing on those operating within the Critical National Infrastructure domain.

CONSULTANCY

The company continues to offer ISMS/ISO27001 consultancy, with focus on logistics and education sectors with the latest addition of two brand new clients.

SYSTEMS INTEGRATION

IAT has advanced into systems development and integration, especially in web-based and mobility systems that goes beyond fulfillment and supply. They have recently developed a convenient system for International Islamic College (IIC) and IIUM Centre for Continuing Education (ICCE) entitled College Management System (CMS). Additionally, another two new systems have also been introduced which are i-ILM and i-Intern. The company visions to participate and be involved in more prospects that go beyond the grounds of IIUM markets, particularly in mobility systems and analytics.

RESEARCH ENTERPRISE

Research commercialization is the core strategy that is suitable for immediate and long-term growth for a company. It is parallel with the government’s strategy of establishing Year 2016 as Malaysia Commercialization Year as mentioned during the budget presentation. Besides food products, cosmetics and feed stock, IAT has been efficiently reviewing new research products that may utilize Bromelain from the past year which now includes the first cheese products that is rennet-free. After being awarded pre-commercialization grant under Agensi Inovasi Malaysia’s High Impact Challenge (HIP) in 2015 and given the responsibility to introduce Lard and Alcohol Detector Pen (LADPen) into the consumer market, IAT has produced their latest prototype in the form of a pen. This prototype will undergo reliability and consistency tests before getting the final approval.



IIUM ADVANCED TECHNOLOGIES SDN. BHD.

RESEARCH ENTERPRISE - GOING BEYOND

IAT has initiated KrowdCap – a mobile application that serves as a crowd funding platform whereby researchers, scientists and innovators can advertise their projects and research to raise funds from the global community. This application has proven to be convenient as it enables project funding through various payment channels with minimal clicks. Another ongoing project would be IAT’s MOTION-U program that provides assistance to start-ups in the country. IAT together with Kulliyah ICT and other collaborating experts from across kulliyahs have formed a board of advisory to provide guidance on the development of MOTION-U and future start-ups. For the beginning, MOTION-U is partnering Skolafund and WowKawKaw, two of IIUM award-winning start-ups to evangelize start-up culture in the university.


Consultancies& Services SectorIIUM CORPORATE MANAGEMENT SDN. BHD.

llUM Corporate Management Sdn. Bhd. (iCMSB) is a wholly-owned subsidiary to llUM Holdings Group where International Islamic University Malaysia (llUM) is the ultimate holding company for the Group.

We provide advisory and company secretarial services to the entire IIUM group as well as to both local and foreign-owned companies in Malaysia. Our client base is involved in a wide spectrum of business activities in Malaysia.

Our dedicated Company Secretary is a qualified company secretary who has more than 20 years of experience in the field and holds a master’s degree in International Business from University of East London. She is also a registered Company Secretary with the Companies Commission of Malaysia (CCM). CCM is the agency that incorporates companies and register businesses as well as the leading authority for the improvement of corporate governance.

RANGE OF SERVICESOur Company provides full range of services to clients who need assistance to comply with the requirements of the Malaysian Companies Act 2016, which include but not limited to:• Incorporation of company or company limited by guarantee• Attending and recording minutes of board and share holders’ meetings• Advising/updating clients on compliance with the Companies Act,

2016• Consultation on corporate procedures and legislation• Provision of a registered office address• Corporate advisory• Tax Exemption registration for companies incorporated under Section

45 of the Companies Act 2016• Ministry of Finance registration• Business License Authorities (DBKL,MPAJ, etc)

________________Preferred Partner Corporate Services

Attentive. Responsive. Efficient.That’s Us __________



IIUM SHARIAH ADVISORY SERVICES SDN. BHD.

IIUM SHARIAH ADVISORY SERVICES SDN BHDYour Trusted Shariah Solutions Partner

IIUM Shariah Advisory Services Sdn. Bhd. (ISAS) is a company dedicated to serve stakeholders of Shariah Compliant Operations in various sectors of the global industry. ISAS represents one of the largest pool of Shariah Scholars which includes few world renowned scholars, whom are capable of providing trusted opinion based on their vast knowledge and reliable sources of reference.

Lead Consultants :1) Prof. Dr. Engku Rabiah Adawiah Binti Engku Ali2) Prof.Dr. Mohamed Aslam Bin Haneef 3) Assoc. Prof. Dr. Syed Musa Bin Syed Jaafar Alhabshi4) Assoc. Prof. Dr. Rusni Binti Hassan5) Assoc. Prof. Dr. Aznan Bin Hasan6) Assoc. Dr. Azman Md. Noor7) Tn. Hj. Mustapha Hamat8) Ust. Wan Rumaizi Wan Husin9) En. Azman Ismail

AREAS OF SPECIALIZATION

ISLAMIC FINANCEi. Product Development/Conversionii. Risk Managementiii. Capital Marketiv. Takafulv. Asset Managementvi. Legal Documentationvii. Information Technology in Islamic Financeviii. Governanceix. Waqaf and Zakatx. Money & Payment System

HALAL INDUSTRYi. Halal Certificationii. Halal Audit.

Note : ISAS can also source for experts in other areas as per client’s request

OUR SERVICES

1. Advisory/Consultancy Services2. Coaching/TOT/Clinics/In House training etc3. Programme Management (certified by IIBF,INHART & KLM)

Note : IIBF - Institute of Islamic Banking and FinanceINHART - International Institute of Halal Research and TrainingKLM - Kulliyyah of Language Management (Islamic Tourism)

PROJECTS UNDERTAKEN

i. Certified training on Islamic Banking and Finance for staffs of Small Medium Enterprise Bank (2013-2014)ii. Certified training on Islamic Banking and Finance for staffs of Public Islamic Bank Berhad (2015-2017)iii. Certified training on Islamic Banking and Finance for staffs of Maybank Islamic Berhad (2016)iv. Panel Shariah Advisor - CAGAMAS BERHAD (2016)v. Module Developer – Halal International Selangor (2016- 2017)vi. Shariah Advisor - Quantum Metal Sdn Bhd (2016)


Healthcare& Others SectorIIUM MEDICAL SPECIALIST CENTRE SDN. BHD.

IIUM MEDICAL SPECIALIST CENTRE (iMSC) was launched by Tan Sri Dato’ Seri Utama Dr. Rais Yatim, President of IIUM on 6th September 2016. IMSC has commenced it’s inpatient services and with this, IMSC is now a full-fledged private medical specialist centre providing a comprehensive medical services to the people in Kuantan and beyond.

Our services comprised of labour rooms, Operation Theatres, High Dependency Unit (HDU), Accident & Emergency (A&E), Nursery and 51 single rooms ward. On our medical consultants, their disciplines cover almost all disciplines ranging from Orthopaedic, Ear, Nose and Throat (ENT), Internal Medicine, Psychiatry, Obstetrics & Gynaecology (O&G), Surgery, Ophthalmology, Radiology, Anaesthesiology and Occupational Health.

There are 15 Medical + Surgical specialty with more than 50 super speciality areas. For example, in Orthopaedics surgery it includes Arthroplasty. Spine Surgery, Foot and Ankle, Advance Trauma, Upper Limb. In Surgery beside General Surgery, we offer Neurosurgery, Urology, Vascular Surgery, Colectral Surgery. In Medicine, our super speciality includes Cardiology, Endocrinology, Nephrology, Dermatology, and Gastroenterology. For Obstetrics and Gynaecology it includes In Vitro Fertilization (IVF), Uro-gynae, Oncology and etc. The main focus will be the super specialty area that offers by the consultants to the public. This is the main strength of our medical centre.

IMSC provides specialist treatment in comfortable and peaceful environment to enhance patients healing process to the optimum. In IMSC, there are 51 rooms equipped with medical expertise, care and attention. These facilities will improve the quality of medical treatment for the people of Kuantan and other parts of Malaysia both in the immediate future and in the years to come.


Healthcare& Others Sector

IKOP SDN. BHD.

IKOP Sdn. Bhd (IKOP) is a GMP-certified healthcare manufacturer committed to providing halal-certified products. Situated in the capital city of Pahang Darul Makmur, it has seen various improvement made within the organisation in achieving its mission to become a centre of excellence, nationally and internationally in teaching, training and manufacturing of halalan toyyiban pharmaceuticals.

The company’s visibility has been significantly enhanced not only amongst local industrial players but also amongst national and international academic institutions since 2016. These were indicated by the recognitions received from Ministry of Health (MOH) as its supplier for pharmaceutical products and training provider for Provisionally Registered Pharmacist (PRP). The latter is governed by MOH Pharmaceutical Services Division.

Apart from IKOP own R&D products in the pipeline, it had signed licensing agreement to commercialise other products developed by IIUM researchers, such as dental pharmaceutical product, that is anticipated to be a GAME Changer in the overall landscape of pharmaceutical industry in Malaysia. Through strategic business partner with La Dent Pharma PLT, the same product had won grant award from Halal HiTech Challenge 2016 managed by Platcom Ventures amounting nearly half a million. Let us pray that IKOP will continue to prosper in its endeavour to provide a quality human capital development and halalan toyyiban healthcare products.


Healthcare& Others SectorIIUM PROPERTIES SDN. BHD.

Established in 2001, IIUM Properties Sdn. Bhd. (iProperties) since then has built its reputation in property business, particularly in construction, project management and facilities and maintenance services.

The Board of Directors of iProperties consist of highly experience professionals including practicing architect, engineers and lawyers involved in the construction and property development industry.

With strong foundation built from property management and property construction, iProperties has widened its business to include property development. Moving forward, iPropeties is planning to develop some of the IIUM land bank in Selangor, Pahang and other locations. This is in line with the company vision to undertake property development as its future plan. The shareholder’s expectation of iProperties is to be a profitable, continuous growth and sustainable company that diversifies IIUM’s future source of income.

iProperties is assessing the potential of all IIUM’s land bank and in the midst of preparing the masterplan on its prime and potential land bank, especially in Gombak, Selangor and Kuantan, Pahang. The strategic intent and

‘DREAM IT, DO IT’direction is to place strategic market position of all University’s land bank via strategic land use planning, increase readiness and value creation. iProperties is looking into strategic collaboration and developing catalytic development in bringing lead economic drivers to enhance and expedite development of University’s land bank.


Healthcare& Others Sector

DAYA BERSIH SDN. BHD.Daya Bersih Sdn .Bhd. (DBSB) was incorporated in 2004 with the initial scope of cleaning, landscape and ground maintenance for International Islamic University Malaysia (IIUM). As the Facility Management Service (FMS) industry is expanding, our scopes have also diversified to providing comprehensive FMS to cater the growing needs of the market.

DBSB strives to maintain a quality, healthy and green environment in our works and deliverables. Certified with Quality Management System (QMS) (ISO 9001:2008) and MS 1900:2014 (QMS from Islamic Perspectives), the company is continuously upholding the Islamic code of ethics in our work processes and system as we distinguish ourselves to be the industry leading FMS company with QMS and Shariah compliance practices.

With more than 13 years of experience in the business, we are able to customise our range of services according to the clients’ requirements with an agreed service level parameter. Powered with the utilisation of Computerised Maintenance Management System (CMMS), seamless integration of people, processes and system is achieved which creates value, cost-effective workflow and high-quality service for our customers. Our range of FMS solutions are as follows:

• Civil• Mechanical• Electrical• Cleaning• Landscape• Ground Maintenance• Event Support• Hostel Management• One-Stop Cleaning• Staff Outsourcing


WATER RAFTING10 -11/09/2016

MANAGEMENT REVIEW BALANCE SCORE CARD

ZAKAT FOR DBSB STAFF

TAZKIRAH AT OFFICE DBSB28/10/2016 FUNERAL HANDLING

COURSE

VISIT TOiEducare


Technical and Vocational Corporation, Saudi Arabia Visit28 - 29/12/2016

Pelancaran Biasiswa YTM Tunku Besar Tampin

Les Copaque MOU signing25/5/2016

18/5/2016Audit Visit By Universiti Pendidikan Sultan Idris

29/11/2016Anugerah Majikan Cemerlang Selangor KWSP

BUBUR LAMBUK DISTRIBUTION14/6/2016


FINANCIAL STATEMENT

• Corporate Information• Directors’ Report• Statement by Directors• Statutory Declaration• Independent Auditors’ Report• Income Statements• Balance Sheets• Statements of Changes in Equity• Cash Flow Statements• Notes to the Financial Statements

44455051525758606163


CORPORATE INFORMATION

Board of Director Tan Sri Dato’ Seri Utama Dr. Rais Yatim

Tan Sri Dato’ Sri Abdul Aziz Bin Abdul Rahman

Prof. Dato’ Sri Dr. Zaleha Binti Kamarudin

Dato’ Ahmad Zailan Bin Ashaari @ Shaari

Prof. Dr. Ashgar Ali Bin Ali Mohamed

Dato’ Rosini Binti Abd Samad

Dato’ Jamaludin Bin Hassan

Datuk Khalilur Rahman Bin Ebrahim

Company Secretary Inong Putri binti Abdullah (LS 0006938)

Registered Office/Principal Place of Business

Level 3, Administration BuildingCentral ComplexInternational Islamic University MalaysiaJalan Gombak53100 Kuala Lumpur

Auditors Afrizan Tarmili Khairul Azhar (AF 1300)2, Jalan Rampai Niaga 2Rampai Business Park53300 Kuala Lumpur

Principal Banker Bank Islam Malaysia Berhad


DIRECTORS’ REPORT

The directors hereby submit their report together with the audited financial statements of the Group and of the Company for the year ended 31 December 2016.

PRINCIPAL ACTIVITIES

The principal activities of the Company is investment holding company. The principal activities of the subsidiaries are described in Note 11 to the financial statements. There have been no significant changes in the nature of the activities during the financial year.

RESULTSGroup Company

RM RM

Net profit for the financial year 1,277,355 585,364

DIVIDENDS

No dividends have been paid or declared since the end of the previous year. The directors do not recommend that a dividend to be paid in respect of the current financial year.

RESERVES AND PROVISIONS

There were no material transfers to or from reserves or provisions except as disclosed in the financial statements.

SHARES AND DEBENTURES

The Company did not issue any new shares or debentures during the financial year.

DIRECTORS

The directors who held office since the date of the last report are:

• Tan Sri Dato’ Seri Utama Dr. Rais Yatim • Tan Sri Dato’ Sri Abdul Aziz Bin Abdul Rahman • Prof. Dato’ Sri Dr. Zaleha Binti Kamarudin • Dato’ Jamaludin Bin Hassan • Datuk Khalilur Rahman Bin Ebrahim • Dato’ Rosini Binti Abd Samad • Dato’ Ahmad Zailan Bin Ashaari @ Shaari (Appointed on 06.09.2016) • Prof. Dr. Ashgar Ali Bin Ali Mohamed (Appointed on 06.09.2016) • Prof. Dr. Nik Ahmad Kamal Bin Nik Mahmod (Resigned on 31.08.2016)


DIRECTORS’ BENEFITS

During and at the end of the financial year, no arrangements subsisted to which the Company is a party, with the object or objects 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.

Since the end of the previous year, no director has received or become entitled to receive a benefit (other than a benefit included in the aggregate amount of emoluments received or due and receivable by the directors shown in the financial statements or the fixed salary of a full-time employee of the Company) by reason of a contract made by the Company or a related corporation 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.

DIRECTORS’ INTERESTS

None of the Directors in office at the end of the financial year have interest in shares of the Company during the financial year ended 31 December 2016.

DIRECTORS’ REMUNERATIONS

The amounts of the remunerations of the Directors or past Directors of the Company comprising remunerations received/ receivable from the Company during the financial year are as follows:

Company2016RM

Directors’ allowance 141,500Remunerations 74,400Meeting allowance 14,000Honorarium of Directors 42,500

272,400

None of the Directors’ or past Directors’ of the Group and of the Company have received any other benefits otherwise than in cash from the Company during the financial year.

No payment has been paid to or payable to any third party in respect of the services provided to the Company by the Directors’ or past Directors’ of the Company during the financial year.


INDEMNIFYING DIRECTORS, OFFICERS OR AUDITORS

No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for any person who is or has been the Director, Officer or Auditor of the Company.

OTHER STATUTORY INFORMATION

Before the statements of comprehensive income and the statements of financial position of the Group and of the Company were made out, the directors took reasonable steps:

a) to ascertain that proper action had been taken in relation to the writing-off of bad debts and the making of allowance for doubtful debts, and have satisfied themselves that all known bad debts had been written-off and that adequate allowance had been made for doubtful debts; and

b) to ensure that any current assets which were unlikely to be realised at their book values in the ordinary course of business have been written down to their estimated realisable values.

As of the date of this report, the directors are not aware of any circumstances:

a) which would render the amount written off for bad debts or the amount of the allowance for doubtful debts inadequate to any substantial extent in the financial statements of the Group and of the Company; or

b) which would render the values attributed to current assets in the financial statements of the Group and of the Company misleading; or

c) 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

d) not otherwise dealt with in this report or financial statements which would render any amount stated in the financial statements of the Group and of the Company misleading.

As of the date of this report, there does not exist:

a) any charge on the assets of the Group and of the Company which has arisen since the end of the financial year and secures the liability of any other person; or

b) any contingent liability of the Group and of the Company which has arisen since the end of the financial year.

No contingent or other liability 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.


OTHER STATUTORY INFORMATION (CONT’D)

In the opinion of the directors, no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial year and the date of this report which is likely to affect substantially the results of the operations of the Group and of the Company for the succeeding year.

HOLDING COMPANY

The holding company is International Islamic University Malaysia, which is incorporated and domiciled in Malaysia.

AUDITORS’ REMUNERATIONS

Total amounts paid to or receivable by the auditors as remunerations for their services as auditors are as follows:

Company

2016

RM

Statutory audit 40,000


AUDITORS

The retiring auditors, Messrs. AFRIZAN TARMILI KHAIRUL AZHAR, have indicated their willingness to be re-appointed.

On behalf of the Board of Directors

TAN SRI DATO’ SERI UTAMA DR. RAIS YATIMDirector

TAN SRI DATO’ SRI ABDUL AZIZ BIN ABDUL RAHMANDirectorKuala Lumpur, Malaysia

Dated:


STATEMENT BY DIRECTORS

PURSUANT TO SECTION 251 (2) OF THE COMPANIES ACT, 2016

The Directors of IIUM HOLDINGS SDN. BHD. state that, in their opinion, the financial statements set out on pages 59 to 100 are drawn up in accordance with Malaysian Private Entities Reporting Standard and the requirements of Companies Act, 1965 in Malaysia so as to give a true and fair view of the state of affairs of the Group and of the Company as at 31 December 2016 and of the results of their businesses and the cash flows of the Group and of the Company for the financial year ended on that date.

Signed on behalf of the Board of Directors in accordance with a resolution of the Directors,

TAN SRI DATO’ SERI UTAMA DR. RAIS YATIM Director

TAN SRI DATO’ SRI ABDUL AZIZ BIN ABDUL RAHMAN Director

Kuala Lumpur, Malaysia

Dated:


STATUTORY DECLARATION

PURSUANT TO SECTION 251 (1) (b) OF THE COMPANIES ACT, 2016

I, NAHARUDIN BIN ALI, the officer primarily responsible for the financial management of IIUM HOLDINGS SDN. BHD., do solemnly and sincerely declare that the financial statements set out on pages 43 to 98 are, in my opinion, 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 bythe above-named Naharudin Bin Aliat Kuala Lumpur in the Federal Territory this day of

}}}} NAHARUDIN BIN ALI

Before me,

COMMISSIONER FOR OATHS

Kuala Lumpur, Malaysia


INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF IIUM HOLDINGS SDN. BHD.

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of IIUM HOLDINGS SDN. BHD., which comprise the statements of financial position as at 31 December 2016 of the Group and of the Company, and the statements of comprehensive income, statements of changes in equity and statements of cash flows of the Group and of the Company for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies, as set out on pages 43 to 98.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and of the Company as at 31 December 2016, and of their financial performance and their cash flows for the financial year then ended in accordance with Malaysian Private Entities Reporting Standard and the requirements of the Companies Act, 1965 in Malaysia.

Basis for Opinion

We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence and Other Ethical Responsibilities

We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.

Information Other than the Financial Statements and Auditors’ Report Thereon

The directors of the Company are responsible for the other information. The other information comprises the Directors’ Report but does not include the financial statements of the Group and of the Company and our auditors’ r

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