WHAT’S INSIDE The Driving Force 20 Trust Structure 21 Organisation Structure 22 The Board of Directors 33 The Shariah Committee 37 The Management Team GET IT Download the “QR Code Reader” app from Google Play (Android Market), BlackBerry AppWorld, App Store (iOS/iPhone) or Windows Phone Store RUN IT Run the QR Code Reader app and point your camera at the QR Code ACCESS IT Get access to Al-`Aqar website SCAN ME Scan the QR Code by following these simple steps COVER RATIONALE Established with an initial portfolio of 6 properties, Al-`Aqar has grown its portfolios and takes pride in realizing its objective as the world’s first Islamic Real Estate Investment Trust that delivers strong and sustainable value to all its stakeholders. As we moved towards the future, Al-`Aqar is looking beyond to expand and diversify its portfolio locally and abroad with developments that are not only market-driven but also built with value and sustainability in mind. At Al-`Aqar, we believe in providing “Assurance of Excellence” to our stakeholders, we will achieve shared successes and build the common good, as we grow together. Corporate Overview 3 2022 Highlights 4 Corporate Profile 5 Corporate Information 6 Letter to Stakeholders 11 Salient Features 12 5-Years’ Financial Performance 14 Trading Performance 16 Analysis of Unit Holdings 1 2
Strategic Performance 42 Management Discussion and Analysis 42 Financial Review 47 Operations Review 52 Capital Review 53 Risk Management 56 Market Report Summary 60 Portfolio Summary and Details Sustainability Statement 74 About This Statement 77 Approach to Sustainable Development 80 Stakeholder Engagement 81 Material Sustainability Matters 83 Robust Corporate Governance 86 Sustainable Trust Fund 87 Strong Social Relationships 91 Environmental Stewardship 93 Closing Statement 93 GRI Content Index Governance Structure 96 Corporate Governance Statement 102 Board Audit and Risk Committee Report 109 Board Investment Committee Report 112 Board Nomination and Remuneration Committee Report 117 Statement on Risk Management and Internal Control 126 Additional Compliance Information 128 Shariah Adviser’s Report 129 Trustee’s Report Financial Reports 131 Manager’s Report 137 Statement by the Directors of the Manager 137 Statutory Declaration 138 Independent Auditor’s Report 142 Statements of Comprehensive Income 144 Statements of Financial Position 146 Statements of Changes in Net Asset Value 148 Statements of Cash Flows 150 Notes to the Financial Statements 3 4 5 6
2022 Highlights 3 Corporate Profile 4 Corporate Information 5 Letter to Stakeholders 6 Salient Features 11 5-Years’ Financial Performance 12 Trading Performance 14 Analysis of Unit Holdings 16 Corporate Overview
2022 HIGHLIGHTS Property Value RM1.72 Billion Distribution Yield 6.64% Distribution Per Unit (“DPU”) 8.10 Sen Market Capitalisation RM922.9 Million Gross Revenue RM110.2 Million Net Realised Income RM67.8 Million Occupancy Rate 100% Number of Assets 24 Total Return 11.81% 3 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
CORPORATE PROFILE Al-`Aqar was listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Malaysia”) on 10 August 2006. Al-`Aqar is managed by Damansara REIT Managers Sdn Berhad (“DRMSB” or the “Manager”), a wholly owned subsidiary of Johor Corporation (“JCorp”) and supported by KPJ Group. Al-`Aqar was established with an initial portfolio of 6 properties , , comprising 17 hospitals and today, it has grown to 24 properties 1 aged care & retirement village in Australia. , 2 colleges in Malaysia and and 4 wellness/health centres As at 31 December 2022, Al-`Aqar’s property values RM1.72 billion with a market capitalisation of RM922.9 million. stood at AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 4
CORPORATE INFORMATION MANAGER DAMANSARA REIT MANAGERS SDN BERHAD (200501035558) Registered Office: Level 14, Menara KOMTAR, Johor Bahru City Centre, 80000 Johor Bahru, Johor. Tel : (+607) 226 7692 / 226 7476 Fax : (+607) 222 3044 Principal Place of Business: Unit 1-19-02, Level 19, Block 1 V SQUARE, Jalan Utara, 46200 Petaling Jaya, Selangor. Tel : (+603) 7932 1692 / 7932 3692 Fax : (+603) 7932 0692 LISTING Main Market of Bursa Malaysia Securities Berhad Stock Name : ALAQAR Stock Code : 5116 WEBSITE www.alaqar.com.my TRUSTEE AMANAHRAYA TRUSTEES BERHAD (200701008892) Level 14, Wisma AmanahRaya, No 2, Jalan Ampang, 50508 Kuala Lumpur. Tel : (+603) 2036 5129 Fax : (+603) 2072 0320 Email : art@arb.com.my Website : www.artrustees.my SHARIAH COMMITTEE 1. Dato’ (Dr) Haji Nooh Bin Gadot 2. Profesor Madya Dr Abdul Halim Bin Muhammad 3. IBFIM (200701005076) Level 5, Bangunan AICB, No. 10, Jalan Dato’ Onn, 50480 Kuala Lumpur. Tel : (+603) 2031 1010 Fax : (+603) 2026 9988 Email : info@ibfim.com / shariah.advisory@ibfim.com Website : www.ibfimonline.com REGISTRAR LARKIN SENTRAL PROPERTY BERHAD Lot S8, Podium 1, Menara Ansar, 65, Jalan Trus, 80000 Johor Bahru, Johor. Tel : (+607) 297 2521 Fax : (+607) 223 3275 AUDITOR ERNST & YOUNG PLT (LLP0022760-LCA) (AF 0039) Level 23A, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, 50490 Kuala Lumpur. Tel : (+603) 7495 8000 Fax : (+603) 2095 5332 Website : www.ey.com SOLICITOR ABDUL RAMAN SAAD & ASSOCIATES C-2-1, Pacific Place Commercial Centre, Jalan PJU 1A/4, Ara Damansara, 47301 Petaling Jaya, Selangor. Tel : (+603) 7859 9229 Fax : (+603) 7734 5777 Email : arsakl@arsa.com.my Website : www.arsa.com.my KADIR ANDRI & PARTNERS Suite A-38-8, Level 38, Menara UOA Bangsar, 5, Jalan Bangsar Utama 1, 59000 Kuala Lumpur. Tel : (+603) 2780 2888 Fax : (+603) 2780 2833 Email : partner@kaaplaw.com Website : www.kaaplaw.com ALBAR & PARTNERS Suite 14-3, Level 14, Wisma UOA Damansara II, No. 6 Changkat Semantan, Damansara Heights, 50490 Kuala Lumpur. Tel : (+603) 7890 3288 Fax : (+603) 7890 3266 Email : albar@albar.com.my Website : www.albar.com.my MOHAMED RIDZA & CO Unit No. 50-10-9, Level 10, Wisma UOA Damansara, No. 50, Jalan Dungun, Damansara Heights, 50490 Kuala Lumpur. Tel : (+603) 2092 4822 Fax : (+603) 2092 5822 Email : mrco@ridzalaw.com.my Website : ridzalaw.com.my PROPERTY MANAGER HEALTHCARE TECHNICAL SERVICES SDN BHD (199501012909) Level 17, Menara KPJ, No. 238, Jalan Tun Razak, 50400 Kuala Lumpur. Tel : (+603) 2681 6222 Fax : (+603) 2681 6888 CBRE (C) PTY LTD (64003205552) Level 3, Waterfront Place, 1 Eagle Street, Brisbane, Queensland 4000, Australia. Tel : (+617) 3833 9833 IM GLOBAL PROPERTY CONSULTANTS SDN BHD (200501019108) Board Registration No: (VEPM (1)0253) No. 47-2, 2nd Floor, Wisma IMG, Jalan 3/76D, Desa Pandan, 55100 Kuala Lumpur Tel : (+603) 9284 8884 Fax : (+603) 9281 1884 Email : info@img.com.my Website : www.img.com.my INDEPENDENT PROPERTY VALUER CBRE WTW Valuation & Advisory Sdn Bhd (197401001098) (formerly known as C H Williams Talhar & Wong Sdn Bhd) 30-01 30th Floor Menara Multi-Purpose 8 Jalan Munshi Abdullah P O Box 12157 50100 Kuala Lumpur Tel : (+603) 2616 8888 Fax : (+603) 2616 8899 Email : kualalumpur@cbre-wtw.com.my Website : www.cbre-wtw.com.my 5 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
LETTER TO STAKEHOLDERS On behalf of the Board of Directors, it is my pleasure to present Al-`Aqar Healthcare REIT (“Al-`Aqar”, the “Fund” or the “Group”) Annual Report for the financial year ended 31 December 2022 (“FY2022”). The year 2022 is a recovery year as Malaysia transitioned to “Endemic Phase” of Covid-19 and healthcare industry recorded a strong rebound in financial earnings. In 2022, Al-`Aqar reached a significant milestone by successfully completing the acquisition of three assets and the Group’s investment properties value stood at a record high of RM1.7 billion as at 31 December 2022. As we enter 2023, the Manager is prepared to implement the comprehensive 5-Year Plan (2023-2027) which will propel Al-`Aqar to the next stage of growth. As the Chairman of the Group, it is my pleasure to present the Annual Report 2022 with our distribution per unit (“DPU”) hitting a historic 10-year high of 8.10 sen. This remarkable achievement contributed mainly by cost savings from the refinancing exercise in FY2021 and no rental support given during the financial year. REVIEWING 2022: A RECOVERY YEAR The global GDP is projected to slow from 6.0% in 2021 to 3.2% in 2022, as the world is experiencing a broad-based slowdown on the back of the high inflation, tightening financial conditions in most regions and Russia’s invasion of Ukraine. For Malaysia, we transitioned to “Endemic Phase” of Covid-19 in April 2022, with all restrictions on business activities removed and life return to normalcy. The Malaysian economy expanded by 8.7% in 2022 given the favourable growth momentum in the domestic economy and steady expansion in the external sector, as well as continued improvement of the labour market conditions. The private hospitals saw a strong rebound in patient visits in 2022, particularly those seeking elective treatments. This has led to strong operating metrics for the KPJ Group, such as increased patient volume and higher bed occupancy rate. KPJ Group’s financial earnings rebounded in 2022 and are on track to return to pre-COVID-19 level. Hence, unlike in 2021, Al-`Aqar did not provide any rental support to the KPJ Group in 2022. Dear Valued Stakeholders, AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 6
2022 – PORTFOLIO GREW The Malaysia segment was largely resilient, underpinned by the long contractual leases. On 23 December 2022, Al-`Aqar completed the acquisitions of KPJ Pasir Gudang Specialist Hospital (“KPJ Pasir Gudang’’), the extended building of KPJ Seremban Specialist Hospital (“KPJ Seremban’’) and the extended building of Taiping Medical Centre for a total consideration of RM192.0 million, satisfied by combination of RM167.0 million cash and 20.5 million units worth RM25.0 million. This brought Al-`Aqar’s total number of properties to 24 (from 23 in 2021) and investment properties value to RM1.7 billion (from RM1.5 billion as at 31 December 2021). The acquisition of these properties aligns with the Group’s expansion strategy, while fortifying our relationship with the KPJ Group. For the business segment in Australia, the ongoing reform which is led by the Royal Commission has continued to create uncertainties within the aged care industry. The aged care providers are required to implement new standards and reporting systems which resulted in higher operating expenses and adversely affected the financial performance of the aged care providers. Nevertheless, as Australia learned to live with Covid-19 without restrictions, our property in Australia, Jeta Gardens, has also seen the occupancy rate improved from the low of 70% in 2021 to 80% in 2022. Jeta Gardens contributed 5.1% to Al-`Aqar’s total revenue in FY2022 and did not have any significant impact to the DPU. 2022 AL-`AQAR INITIATIVES The Manager managed to sustain their business prospects by transforming the risks into opportunities through an effective and continuous capital, investment and asset management plan. Lower interest rates in 2021 and 2022 benefited Al-`Aqar, where the refinancing exercise in FY2021 contributed significantly to cost savings of RM14.0 million over two years. On 23 December 2022, Al-`Aqar completed the acquisitions of KPJ Pasir Gudang, the extended building of KPJ Seremban and the extended building of Taiping Medical Centre for a total consideration of RM192.0 million. The acquisition will provide minimum additional income stream of RM11.0 million per annum. In 2022, Al-`Aqar has renewed the 3-year rental of KPJ Tawakkal KL Specialist Hospital which contributed 8.6% of Al-`Aqar’s revenue in FY2022, an upward revision of 2.0% from the last rental. Al-`Aqar has also managed to maintain a 100% occupancy rate for all the assets leased out to the lessees during the year. LETTER TO STAKEHOLDERS 2022 2021 24 23 Al-`Aqar’s total number of properties Investment properties value RM1.7 billion RM1.5 billion Capital Management Investment Management Asset Management 7 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
LETTER TO STAKEHOLDERS 2022 – PORTFOLIO GREW (CONT’D) 2022 AL-`AQAR FINANCIAL PERFORMANCE. In FY2022, the Group recorded a slightly lower gross revenue of RM110.2 million (FY2021: RM114.1 million) and net property income of RM104.2 million (FY2021: RM108.2 million). Profit for the year was RM60.1 million (FY2021: RM73.5 million); comprising realised profit of RM67.8 million (FY2021: RM65.2 million) and unrealised loss of RM7.6 million (FY2021: unrealised gain of RM8.3 million). Despite lower profit recorded in FY2022, realised profit increased marginally by 3.9% to RM67.8 million in FY2022 mainly due to saving from refinancing exercise and absence of Covid-19 rental support to tenant. The unrealised loss of RM7.6 million mainly related to fair value adjustment of investment properties. 2022 AL-`AQAR DISTRIBUTION. Al-`Aqar has seen a rising trend of DPU beginning in FY2019 (except for FY2020), as opposed to previous record of stagnant distribution pattern. The Fund has achieved a total distribution per unit of 8.10 sen in FY2022, surpassed not only the prepandemic distribution in FY2019, but also achieved a historic 10-year high. This remarkable achievement is due to cost savings from the refinancing exercise in FY2021 and no rental support given during the financial year. Gross Revenue (RM) Realised Profit (RM) Distribution Per Unit (DPU) Profit (RM) Unrealised Profit (RM) 114.1 million 110.2 million FY2022 FY2021 73.5 million 60.1 million FY2022 FY2021 65.2 million 67.8 million FY2022 FY2021 8.3 million 7.6 million FY2022 FY2021 7.70 sen 7.75 sen 6.81 sen 7.80 sen 8.10 sen FY2018 FY2019 FY2020 FY2021 FY2022 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 8
LETTER TO STAKEHOLDERS 2023 - ON EXPANSION MODE Malaysia’s GDP is expected to grow moderately between 4.0% to 5.0% in 2023, backed by strong fundamentals and diversified economic structure, coupled with ongoing policy support to cushion the impact of the rising cost of living and mitigate the downside risks stemming from prolonged geopolitical uncertainties and tightening global financial conditions. The Manager is optimistic about Al-`Aqar’s prospects in 2023, underpinned by the full-year earnings contribution from the three assets which were acquired in December 2022 and the expected renewal of “Second Injection Properties” in June 2023. Moreover, the Manager’s primary focus will be on expansion and diversification of the portfolio as well as growing Al-`Aqar’s DPU. The Manager has also taken into consideration the possibility of a higher OPR in managing both the existing asset portfolio and the future acquisitions. BUILDING A RESILIENT TOMORROW The Manager has developed a comprehensive 5-Year Plan (20232027), taking into consideration of the future healthcare trends, such as telemedicine and data-driven models, which have accelerated substantially during the Covid-19 pandemic period. With the implementation of the 5-Year Plan (2023-2027), the Manager expect the Group’s investment properties value to double in size to approximately RM3.0 billion by 2027 and the DPU to show a consistent upward trend in the long-term. GROUP LEVEL – THE 5-YEAR PLAN (2022-2027) The next five years will see the Group carefully evaluate potential asset acquisitions to ensure alignment with the Group’s growth and diversification strategies. In addition, underperforming and underutilized assets will be repositioned or divested to maximize returns. These efforts will serve as a foundation for optimizing and expanding the Group’s current portfolio. The Manager is currently in negotiations with both KPJ and third-party asset owners/operators to acquire new healthcare properties. GROUP LEVEL - BUSINESS MODEL TRANSFORMATION To remain competitive in the market, the Manager is exploring new business model for Al-`Aqar’s future tenants. This may include rental arrangement that has flexibility and is customised to the needs of the future tenants, without compromising on the distribution to unitholders. MANAGER LEVEL - DIGITAL AND ORGANISATIONAL TRANSFORMATIONS To expedite the implementation of fund transformation initiatives, the Manager has implemented various initiatives, such as digital transformation to promote flexible working arrangements during pandemic periods and organisational transformation to redirect the team to focus on strategic matters rather than administration or operational matters. It is anticipated that digital transformation initiative also will streamline the data mining and analysing processes, leading to an increase in the Manager’s productivity in managing the Fund. 9 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
LETTER TO STAKEHOLDERS APPRECIATION AND ACKNOWLEDGMENT In conclusion, I wish to extend my heartfelt appreciation to our stakeholders, investors, clients, unitholders, trustees, financiers, business partners, bankers, government and regulatory bodies for their support and trust in Al-`Aqar. I would also like to take this opportunity to express my gratitude to the previous Non-Independent Executive Director and Chief Executive Officer, Wan Azman Bin Ismail for his positive contribution to the Board. Additionally, I extend a warm welcome to the newly appointed Directors, Dato’ Salehuddin Bin Hassan as Non-Independent and Non-Executive Director on 10 March 2022, as well as to Lailatul Azma Binti Abdullah as an Independent NonExecutive Director and Ng Yan Chuan as Non-Independent and Non-Executive Director on 12 December 2022. I am also delighted to welcome YM Raja Nazirin Shah Bin Raja Mohamad as our new Chief Executive Officer, who joined us on 11 January 2023. With his extensive experience and proven track record, I am confident that he will lead us into a new chapter of growth and deliver exceptional results for our stakeholders. Our appreciation is also expressed to our Management and loyal employees who continue to put in their effort and commitment for Al-`Aqar to endure during the pandemic period. Looking forward, we will continue to strengthen our business and presence throughout Malaysia and overseas. DATO’ HAJI MOHD REDZA SHAH BIN ABDUL WAHID Chairman AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 10
SALIENT FEATURES Name of Fund: Al-`Aqar Healthcare REIT Type of Fund: Income and growth Category of Fund: Islamic healthcare real estate and healthcare related assets To provide stable distributions per unit to unitholders with potential for sustainable growth of distributions and net asset value per unit. To diversify its Shariah-compliant real estate portfolio with a focus on healthcarerelated real estate investment by property and location as well as to explore opportunities with attractive returns. • To increase cash flow and enhance unit value through selective acquisitions • To preserve and enhance the value of the Fund’s properties via portfolio diversification consideration and a combination of: i. capitalization of acquisition growth opportunities; and ii. identify assets approaching or have attained optimal returns for disposal consideration. To optimise capital structure and cost of capital within the financing limits prescribed by REIT Guidelines and intend to use a combination of debt and REIT units to fund future acquisitions and improvement works of the properties. To continue enhancing the performance of the properties by increasing yields and returns from the properties. This is being achieved through a combination of: i. meeting needs of the tenants ii. maintaining the quality and physical conditions of the properties; iii. minimizing interruptions in rental income and operational costs; and iv. enhancement initiatives by repositioning or repurposing potential underperformed or underutilized properties. INVESTMENT MANAGEMENT STRATEGY CAPITAL MANAGEMENT STRATEGY OPERATING STRATEGY INVESTMENT OBJECTIVE INVESTMENT POLICY Distribution Policy: At least 95% of distributable income Rental Review: Every 3 years Listing: Main Market of Bursa Malaysia Securities Berhad Listing Date: 10 August 2006 Fund Size: 756,485,757 units Occupancy Rate: 100% Stock Name & Code: ALAQAR (5116) Financial Year End: 31 December 11 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
5-YEARS’ FINANCIAL PERFORMANCE 2018 2019 2020 2021 2022 FINANCIAL HIGHLIGHTS - GROUP Gross revenue (RM’000) 102,648 106,110 115,710 114,072 110,239 Net property income (RM’000) 96,609 100,326 109,614 108,222 104,199 Profit before tax (RM’000) 92,292 76,148 13,624 72,781 60,036 Profit for the year - realised (RM’000) 61,032 63,409 56,984 65,218 67,766 - unrealised (RM’000) 30,342 12,753 (44,413) 8,331 (7,627) Earnings per unit - realised (sen) 8.37 8.62 7.74 8.86 9.20 - unrealised (sen) 4.29 1.73 (6.03) 1.13 (1.03) Investment properties (RM’000) 1,485,727 1,569,814 1,534,501 1,538,210 1,721,281 Total asset value (RM’000) 1,580,468 1,674,352 1,647,986 1,664,733 1,867,066 Net asset value (RM’000) 947,798 958,513 943,490 945,002 971,215 NAV per unit - before distribution (RM) 1.2878 1.3024 1.2819 1.2840 1.2839 - after distribution (RM) 1.2671 1.2822 1.2474 1.2660 1.2629 2018 2019 2020 2021 2022 FINANCIAL HIGHLIGHTS - FUND Gross revenue (RM’000) 91,097 94,588 103,918 104,245 104,588 Net property income (RM’000) 85,162 88,942 97,974 98,405 98,610 Profit before tax (RM’000) 83,112 73,771 50,126 46,602 58,083 Profit for the year - realised (RM’000) 59,770 61,267 55,137 64,400 66,707 - unrealised (RM’000) 23,342 12,504 (7,545) (17,030) (8,521) Earnings per unit - realised (sen) 8.20 8.32 7.49 8.75 9.06 - unrealised (sen) 3.09 1.70 (1.02) (2.31) (1.16) Investment properties (RM’000) 1,353,300 1,449,400 1,446,376 1,451,912 1,636,015 Total asset value (RM’000) 1,551,718 1,650,199 1,647,844 1,664,797 1,867,100 Net asset value (RM’000) 943,239 959,604 967,599 945,419 971,209 NAV per unit - before distribution (RM) 1.2816 1.3038 1.3147 1.2846 1.2838 - after distribution (RM) 1.2609 1.2836 1.2802 1.2666 1.2628 Market Capitalisation (RM’000) 964,140 971,500 964,140 853,743 922,913 Distribution Per Unit (sen) 7.70 7.75 6.81 7.80 8.10 Annualised Distribution Yield (%) 5.88 5.87 5.20 6.72 6.64 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 12
GROSS REVENUE (RM Million) NET ASSET VALUE (RM Million) ANNUAL TOTAL RETURN (%) PROFIT FOR THE YEAR (REALISED) (RM Million) 5-YEARS’ FINANCIAL PERFORMANCE 2018 2020 2019 2021 2022 110.2 114.1 115.7 106.1 102.6 2018 2020 2019 2021 2022 2018 2020 2019 2021 2022 2018 2020 2019 2021 2022 971.2 11.81 67.8 945.0 (4.73) 65.2 943.5 4.44 57.0 958.5 6.63 63.4 947.8 (2.51) 61.0 DISTRIBUTION YIELD (%) EARNINGS PER UNIT (REALISED) (Sen) 2018 2020 2019 2021 2022 2018 2020 2019 2021 2022 6.64 9.20 DISTRIBUTION PER UNIT (Sen) 2018 2020 2019 2021 2022 7.80 6.81 7.75 7.70 8.10 6.72 8.86 5.20 7.74 5.87 8.62 5.88 8.37 13 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
TRADING PERFORMANCE 2018 2019 2020 2021 2022 TRADING SUMMARY Closing Unit Price (RM) 1.31 1.32 1.31 1.16 1.22 52-week Highest Traded Price (RM) 1.41 1.55 1.42 1.37 1.25 52-week Lowest Traded Price (RM) 1.08 1.27 1.19 1.09 1.09 Price Movement (%) (8.4) 0.8 (0.8) (11.5) 5.17 Annual Total Return (%) (2.51) 6.63 4.44 (4.73) 11.81 Number of Units in Circulation (’000) 735,985 735,985 735,985 735,985 756,486 Market Capitalisation (RM’000) 964,140 971,500 964,140 853,743 922,913 MARKET CAPITALISATION, UNIT PRICE AND UNITS IN CIRCULATION Units in circulation (Million units) Market Capitalisation (RM million) Closing Unit Price (RM/unit) 2018 2020 2019 2021 2022 0 0 200 0.5 1.0 400 1.5 2.0 600 2.5 800 1,000 1,200 Million units/RM million 3.0 RM/unit 964 964 736 1.31 1.32 1.31 1.16 1.22 854 736 923 756 736 736 972 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 14
TRADING PERFORMANCE FY2022 TRADING PERFORMANCE COMPARATIVE YIELD Average Daily Trading Volume (‘000 units) Closing Market Price (RM/unit) 0.0 50.0 100.0 150.0 Volume (‘000 units) RM/unit 1.000 1.050 1.100 1.150 1.200 1.250 1.300 89.0 118.6 84.4 106.4 97.1 71.7 55.6 48.5 45.0 94.4 63.2 97.0 1.13 1.13 1.19 1.20 1.19 1.21 1.23 1.21 1.22 1.22 1.18 1.12 0 1% 2% 3% 4% 5% 6% 7% Source: Bank Negara Malaysia, Maybank, Damansara REIT Managers Overnight Policy Rate 12-month FD rate 10-year Govt Security Al-`Aqar Distribution Yield 2.75% 2.85% 3.92% 6.64% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 15 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
ANALYSIS OF UNIT HOLDINGS BREAK DOWN OF UNITHOLDINGS Size of Unitholdings No. of Unitholders % No. of Units % Less than 100 371 7.38 14,943 - 100 – 1000 1,720 34.24 880,371 0.12 1,001 – 10,000 2,007 39.96 9,206,187 1.22 10,001 – 100,000 770 15.33 24,050,191 3.18 100,001 to less than 5% of Issued Capital 150 2.99 394,275,300 52.12 5% and above of Issued Capital 5 0.10 328,058,765 43.36 TOTAL 5,023 100.00 756,485,757 100.00 TOP THIRTY SECURITIES ACCOUNT HOLDERS (Without aggregating the securities from different securities accounts belonging to the same depositor) No. Name No. of Units % 1 Lembaga Tabung Haji 102,098,656 13.50 2 CitiGroup Nominees (Tempatan) Sdn. Bhd. - A/C Employees Provident Fund Board 75,620,175 10.00 3 Kumpulan Wang Persaraan (Diperbadankan) 63,322,400 8.37 4 AmanahRaya Trustees Berhad - A/C Amanah Saham Bumiputera 46,000,000 6.08 5 Pusat Pakar Tawakal Sdn. Bhd. 41,017,534 5.42 6 Bandar Baru Klang Specialist Hospital Sdn. Bhd. 36,115,266 4.77 7 HSBC Nominees (Tempatan) Sdn. Bhd. - A/C Pledged Securities Account For Selangor Specialist Hospital Sdn. Bhd. 35,000,000 4.63 8 Seremban Specialist Hospital Sdn. Bhd. 23,731,000 3.14 9 Ampang Puteri Specialist Hospital Sdn. Bhd. 21,013,739 2.78 10 KPJ Healthcare Berhad 20,500,669 2.71 11 Medical Associates Sdn. Bhd. 19,055,000 2.52 12 Waqaf An-Nur Corporation Berhad 18,251,870 2.41 13 AmanahRaya Trustees Berhad - A/C Amanah Saham Malaysia 3 16,857,430 2.23 14 Sentosa Medical Centre Sdn. Bhd. 15,653,000 2.07 15 Kedah Medical Centre Sdn. Bhd. 15,000,000 1.98 16 Pusat Pakar Tawakal Sdn. Bhd. 13,631,000 1.80 17 AmanahRaya Trustees Berhad - A/C Public Islamic Opportunities Fund 12,726,100 1.68 18 Johor Specialist Hospital Sdn. Bhd. 12,203,000 1.61 19 Puteri Specialist Hospital (Johor) Sdn. Bhd. 12,000,000 1.59 UNITHOLDINGS STATISTICS AS OF 31 DECEMBER 2022 As per Record of Depositor Issued 756,485,757 Units AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 16
ANALYSIS OF UNIT HOLDINGS TOP THIRTY SECURITIES ACCOUNT HOLDERS (CONT’D) (Without aggregating the securities from different securities accounts belonging to the same depositor) (cont’d) No. Name No. of Units % 20 Perdana Specialist Hospital Sdn. Bhd. 11,789,000 1.56 21 AmanahRaya Trustees Berhad - A/C Amanah Saham Bumiputera 3 - Didik 11,749,800 1.55 22 AmanahRaya Trustees Berhad - A/C Public Islamic Select Treasures Fund 8,414,572 1.11 23 KPJ Healthcare University College Sdn. Bhd. 7,758,620 1.03 24 CitiGroup Nominees (Tempatan) Sdn. Bhd. - A/C Employees Provident Fund Board (ASIANISLAMIC) 5,767,400 0.76 25 Kuantan Specialist Hospital Sdn. Bhd. 5,000,000 0.66 26 Kajang Specialist Hospital Sdn. Bhd. 4,487,000 0.59 27 AmanahRaya Trustees Berhad - A/C Jeta Gardens (QLD) Pty Ltd 3,786,924 0.50 28 Kota Kinabalu Specialist Hospital Sdn. Bhd. 3,500,000 0.46 29 CIMB Group Nominees (Tempatan) Sdn. Bhd. - A/C Aiiman Asset Management Sdn. Bhd. For Lembaga Tabung Haji 3,433,200 0.45 30 Ong Ah How @ Ong Beng Hwa 3,408,677 0.45 SUBSTANTIAL UNITHOLDERS (5% AND ABOVE) Direct Interest Deemed Interest No. Name No. of Units % No. of Units % 1 Johor Corporation - - 289,748,971 (1) 38.31 2 KPJ Healthcare Berhad - - 289,575,752 (2) 38.29 3 Lembaga Tabung Haji 105,531,856 13.95 - - 4 Employees Provident Fund 83,227,538 11.00 - - 5 Kumpulan Wang Persaraan (Diperbadankan) 65,390,800 8.64 - - 6 Pusat Pakar Tawakal Sdn. Bhd. 54,648,534 7.22 - - 7 Amanah Saham Bumiputera 46,000,000 6.08 - - Notes : (1) Deemed interested by virtue of its shareholding in several companies which are part of the KPJ Group Pursuant to Section 8 of the Act (2) Deemed interested by virtue of its shareholding in KPJ and Johor Ventures Sdn. Bhd. pursuant to Section 8 of the Act 17 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
ANALYSIS OF UNIT HOLDINGS UNIT ANALYSIS AS OF 31 DECEMBER 2022 ROD TOTAL BUMIPUTRA NON - BUMIPUTRA FOREIGN Holder No. of Units Holder No. of Units Holder No. of Units Holder No. of Units Govt. Agencies Group 3 1 3,000 1 3,000 - - - - Finance 20 268,601,682 14 241,553,286 5 23,261,472 1 3,786,924 Investment Trust 6 171,500 4 16,500 2 155,000 - - Nominees 1,291 154,804,863 278 133,028,032 971 18,696,096 42 3,080,735 Private Limited Company - 55 247,619,758 24 245,844,878 31 1,774,880 - - - - - - - - - - - Limited Company - Retail Body Corporates 18 39,890,439 18 39,890,439 - - - - - Insti-Body Corporate 7 1,896,000 7 1,896,000 - - - - Clubs / Association 2 898,400 1 895,400 1 3,000 - - Co - Operatives 7 606,250 5 506,650 2 99,600 - - Individuals 3,616 41,993,865 797 3,467,843 2,768 36,785,623 51 1,740,399 TOTAL 5,023 756,485,757 1,149 667,102,028 3,780 80,775,671 94 8,608,058 % 100.00 100.00 22.88 88.18 75.25 10.68 1.87 1.14 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 18
Trust Structure 20 Organisation Structure 21 The Board of Directors 22 The Shariah Committee 33 The Management Team 37 The Driving Force
TRUST STRUCTURE Healthcare Technical Services Sdn Bhd IM Global Property Consultants Sdn Bhd CBRE (C) Pty Ltd, Australia LOREM IPSUM Unitholders REIT Properties Property/ Maintenance Manager Trustee Manager Shariah Committee Trustee’s fees Acts on behalf of unitholders Distributions Holding of units Advise on Shariah related matters Shariah Fee Management fees Management Services Ownership of Properties Net Property Income Property/ Maintenance & Management Fees Property/Maintenance & Management Services DRM DAMANSARA REIT MANAGERS SDN BERHAD AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 20
ORGANISATION STRUCTURE BOARD AUDIT & RISK COMMITTEE BOARD OF DIRECTORS COMPLIANCE OFFICER BOARD NOMINATION & REMUNERATION COMMITTEE CHIEF EXECUTIVE OFFICER GENERAL MANAGER BOARD INVESTMENT COMMITTEE Finance Operations Business Development & Investor Relations Corporate Services Compliance & Risk Management 21 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
Dato’ Haji Mohd Redza Shah Bin Abdul Wahid Dato’ Wan Kamaruzaman Bin Wan Ahmad Abdullah Bin Abu Samah Datuk Hashim Bin Wahir Board of Directors Board Audit and Risk Committee Board Investment Committee Board Nomination and Remuneration Committee 1. Dato’ Haji Mohd Redza Shah Bin Abdul Wahid 2. Dato’ Wan Kamaruzaman Bin Wan Ahmad 3. Abdullah Bin Abu Samah 4. Datuk Hashim Bin Wahir 5. Lailatul Azma Binti Abdullah 6. Datuk Sr Akmal Bin Ahmad 7. Dato’ Salehuddin Bin Hassan 8. Shamsul Anuar Bin Abdul Majid 9. Ng Yan Chuan The Board of Directors BOARD AT A GLANCE Chairman Member AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 22
Dato’ Salehuddin Bin Hassan Ng Yan Chuan Datuk Sr Akmal Bin Ahmad Lailatul Azma Binti Abdullah Shamsul Anuar Bin Abdul Majid ROHAYA BINTI JAAFAR (LS0008376) NURALIZA BINTI A. RAHMAN (MAICSA 7067934) COMPANY SECRETARIES 23 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
DATO’ HAJI MOHD REDZA SHAH BIN ABDUL WAHID Chairman, Independent Non-Executive Director Committee Member: Nil Academic and Professional Qualifications: • Bachelor of Science in Economics (Industry and Trade), London School of Economics and Political Science, University of London, United Kingdom • Master of Science of Economics (International Banking and Finance) University of Wales, Cardiff, United Kingdom • Member, Institute of Chartered Accountants in England and Wales (ICAEW) • Chartered Bankers, Asian Institute of Chartered Bankers Working Experience: Present Appointment Nil Past Experiences 1. Chief Executive Officer, Bank Muamalat Malaysia Berhad (2019) 2. Group Chief Operating Officer, DRB-Hicom Berhad (2006) 3. Group Chief Executive Officer, Tradewinds Corporation Berhad (2005) 4. Chief Financial Officer, Silterra Malaysia Berhad (2001) Other Directorship: 1. Listed Issuer • Al-Salām Real Estate Investment Trust • E.A. Technique (M) Berhad • KPJ Healthcare Berhad 2. Public Companies • Waqaf An Nur Corporation Berhad Course Attended: • Nil Nationality: Age: 60 Gender: Male Date of Appointment: 14 February 2020 Number of Meetings Attended: 6/6 THE BOARD OF DIRECTORS AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 24
THE BOARD OF DIRECTORS 6. FX Trader/Chief Dealer/ Treasury Manager, Treasury Department KL, London and Hamburg, Malayan Banking Berhad (1994) Other Directorship: 1. Listed Issuer • Al-Salām Real Estate Investment Trust • Malaysian Resources Corporation Berhad • Bermaz Auto Berhad 2. Public Companies • Bank of America Malaysia Berhad Course Attended: • Nil DATO’ WAN KAMARUZAMAN BIN WAN AHMAD Independent Non-Executive Director Committee Member: • Chairman, Board Investment Committee • Member, Board Audit and Risk Committee • Member, Board Nomination and Remuneration Committee Academic and Professional Qualifications: • Bachelor of Economics with Hons (Analytical Economic), Universiti Malaya • Chartered Banker, Asian Institute of Chartered Banker Working Experience: Present Appointment Nil Past Experiences 1. Chief Executive Officer, Kumpulan Wang Persaraan (Diperbadankan) (2018) 2. General Manager, Treasury Department, Employees Provident Fund (2013) 3. Finance Director, Izoma Sdn Bhd and Kemuncak Facilities Management Sdn Bhd (2007) 4. Chief Executive Officer, Affin Trust Management Bhd and Affin Fund Management Sdn Bhd (2005) 5. Chief Executive Officer, Affin Moneybrokers Sdn Bhd (2003) Nationality: Age: 64 Gender: Male Date of Appointment: 24 August 2020 Number of Meetings Attended: 5/6 25 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
ABDULLAH BIN ABU SAMAH Independent Non-Executive Director Committee Member: • Chairman, Board Audit and Risk Committee • Member, Board Investment Committee • Member, Board Nomination and Remuneration Committee Academic and Professional Qualifications: • Bachelor of Science in Business Administration, University of the Pacific • Master of Business Administration, University of Washington • Member, Malaysian Institute of Accountants • Member, Malaysian Institute of Certified Public Accountants Working Experience: Present Appointment Nil Past Experiences 1. Licensed Partner for Audit of Financial Statements of Companies Listed and NonListed, KPMG Malaysia Partner (Audit) (1997) 2. Managing the Audit and the Financial Statements of Companies, KPMG Malaysia Audit Manager (1993) 3. Fieldwork of Audit of Financial Statements, KPMG Malaysia Audit Staff (1983) Other Directorship: 1. Listed Issuer • Al-Salām Real Estate Investment Trust • Media Prima Berhad 2. Public Companies • Kulim (M) Berhad Course Attended: • Understanding the requirements in Bursa Malaysia’s Enhanced Sustainability Reporting Requirement • Inflation, Looming Recession and Climate Change Nationality: Age: 58 Gender: Male Date of Appointment: 10 March 2021 Number of Meetings Attended: 6/6 THE BOARD OF DIRECTORS AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 26
THE BOARD OF DIRECTORS 5. General Manager, Planning and Resource Allocation - PETRONAS, Kuala Lumpur (2000) 6. General Manager of Chad/ Cameroon JV Project, Petronas Carigali Sdn Bhd (1999) 7. Senior Manager, Petroleum Engineering Department, Petronas Carigali Sdn Bhd (1993) 8. Head of Production Technology Baram Delta Operations, Miri, Sarawak (1983) 9. Engineer, Petronas Carigali Sdn Bhd (1981) Other Directorship: 1. Listed Issuer • Al-Salām Real Estate Investment Trust 2. Public Companies • Pelaburan Hartanah Berhad Course Attended: 1. Mandatory Accreditation program 2. Treasury Liquidity & Market Risk Management 3. Data Science & Machine Learning in Credit Assessment & Fraud Detection Model DATUK HASHIM BIN WAHIR Independent Non-Executive Director Committee Member: • Chairman, Board Nomination and Remuneration Committee Academic and Professional Qualifications: • Bachelor of Engineering (Honours) in Mechanical Engineering, Universiti Teknologi Malaysia • Executive Development Program, Ashridge Management College, United Kingdom • Executive Development Program, Johnson School of Management, Cornell University, USA Working Experience: Present Appointment Nil Past Experiences 1. Director, PETRONAS Hartabina Sdn Bhd (2013) 2. Chief Executive Officer, KLCC REIT Management Sdn Bhd - Manager of KLCCP Stapled Group (2013) 3. Group Chief Executive Officer/Executive Director, KLCC(Holdings) Sdn Bhd /KLCC Property Holdings Berhad (2007) 4. Country Chairman, Petronas Sudan Operations, Khartoum (2004) Nationality: Age: 66 Gender: Male Date of Appointment: 24 January 2022 Number of Meetings Attended: 6/6 27 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
LAILATUL AZMA BINTI ABDULLAH Independent Non-Executive Director Committee Member: • Nil Academic and Professional Qualifications: • Bachelor of Science, (First Class Honours) Quantity Surveying, University of Reading, United Kingdom • Master of Science, (Distinction) - IT Management in Construction, University of Salford, United Kingdom • Master of Laws (LLM) Corporate Governance, The University of Law, United Kingdom Working Experience: Present Appointment Nil Past Experiences 1. Head of Partnership, Specialized Sports Services Sdn Bhd (2022) 2. Head of Branding and Advertising, Destination, Resorts and Hotels Sdn Bhd (Subsidiary of Khazanah) (2014) 3. Director, Asset Management & Investment Committee for CIMB Trust-Capital Sdn Bhd, CIMB Group Berhad (2011) 4. Senior Manager (Asset Management), CIMB Group Berhad (2010) 5. Head of Property Development and Management, CIMB Group Berhad (2007) 6. Head of Business Development, X-Txt Asia Sdn Bhd (2006) 7. Chief of Operations, GCS Sdn Bhd (2004) 8. Quantity Surveyor, Project Executive, Davis, Langdon & Seah Malaysia (JUBM Sdn Bhd) (1997) 9. Contracts Manager, GCS Sdn Bhd (1995) Other Directorship: 1. Listed Issuer • Al-Salām Real Estate Investment Trust 2. Public Companies Nil Course Attended: • Nil Nationality: Age: 50 Gender: Female Date of Appointment: 16 December 2022 Number of Meetings Attended: 1/1 THE BOARD OF DIRECTORS AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 28
THE BOARD OF DIRECTORS 6. Director of Operations, Iskandar Development Management Services Sdn Bhd (2013) 7. General Manager, Nusajaya Development Sdn Bhd (UEM Land Berhad subsidiary) (2007) 8. Project Manager 1, (Prince Court Medical Centre Project) KLCC Projeks Sdn Bhd (2007) 9. Project Manager, (University Technology of Petronas Development) KLCC Projeks Sdn Bhd (2003) 10. Project Manager, (Petronas Twin Towers Fit-Out) KLCC Projeks Sdn Bhd (1999) 11. Contract Management Executive, KLCC Projeks Sdn Bhd (1993) Other Directorship: 1. Listed Issuer • Al-Salām Real Estate Investment Trust • Damansara Holdings Berhad 2. Public Companies Nil Course Attended: • DATUK Sr AKMAL BIN AHMAD Non-Independent Non-Executive Director Committee Member: • Member, Board Audit and Risk Committee Academic and Professional Qualifications: • Diploma in Quantity Surveying, Universiti Teknologi MARA • Bachelor of Science in Quantity Surveying, Universiti Teknologi MARA Working Experience: Present Appointment 1. Director, Real Estate and Infrastructure Division, Johor Corporation 2. Group Managing Director, Damansara Holdings Berhad Past Experiences 1. Executive Director, Johor Land Berhad (2022) 2. Group Managing Director, Johor Land Berhad (2020) 3. Chief Operating Officer, Iskandar Investment Berhad (2020) 4. Chief Executive Officer, Iskandar Development Management Services Sdn Bhd (IIB subsidiary) (2018) 5. Chief Development Officer, Iskandar Investment Berhad (2016) Nationality: Age: 57 Gender: Male Date of Appointment: 21 January 2021 Number of Meetings Attended: 6/6 29 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
DATO’ SALEHUDDIN BIN HASSAN Non-Independent Non-Executive Director Committee Member: • Nil Academic and Professional Qualifications: • Diploma in Banking Studies, Universiti Teknologi MARA • Bachelor of Business Administration with Honours, Universiti Utara Malaysia Working Experience: Present Appointment 1. State Financial Officer of Johor Past Experiences 1. Mayor (Datuk Bandar) - Majlis Bandaraya Iskandar Puteri (2021) 2. Chief Executive Officer - YPJ Holdings Sdn Bhd (2019) 3. Deputy Secretary of State Government of Johor (Development) - Unit Perancang Ekonomi Negeri Johor (2017) 4. Yang DiPertua - Majlis Perbandaran Johor Bahru Tengah (2015) 5. Chief Executive Officer (CEO) - Yayasan Pembangunan Keluarga Darul Ta’zim (2013) 6. Yang DiPertua - Majlis Perbandaran Batu Pahat (MPBP) (2011) 7. Chief Deputy Secretary - Pejabat Setiausaha Kerajaan Johor, Cawangan Kerajaan Tempatan (2009) 8. Secretary - Majlis Perbandaran Johor Bahru Tengah (2007) 9. Deputy Secretary 1 - Pejabat Setiausaha Kerajaan Johor (Sumber Manusia) (2004) 10.Deputy Director - Pejabat Tanah Dan Galian Johor (Bahagian Kemajuan) (2003) 11.Deputy Land Director - Pejabat Tanah Mersing (2001) 12.Deputy Land Director - Pejabat Tanah Daerah Segamat (2000) Other Directorship: 1. Listed Issuer • Al-Salām Real Estate Investment Trust 2. Public Companies • Nil Course Attended: 1. Mandatory Accreditation Program Nationality: Age: 59 Gender: Male Date of Appointment: 4 March 2022 Number of Meetings Attended: 5/6 THE BOARD OF DIRECTORS AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 30
SHAMSUL ANUAR BIN ABDUL MAJID Non-Independent Non-Executive Director Committee Member: • Member, Board Investment Committee Academic and Professional Qualifications: • Bachelor of Science (Honours), Chemistry, Imperial College London, United Kingdom • Master of Business Administration (MBA) Islamic Finance, International Islamic University Malaysia • Member, Chartered Financial Analyst (CFA), CFA Institute, Charlottesville, Virginia, USA Working Experience: Present Appointment 1. Chief Investment Officer, Johor Corporation Past Experiences 1. General Manager, Johor Corporation (2019) 2. Director and Principal Partner, Fikiran Sepakat Sdn Bhd (2017) 3. Special Officer to the Managing Director, Iskandar Waterfront Holdings (2014) 4. Executive Vice President, Strategy & Feasibility, Iskandar Investment Berhad (2011) 5. Vice President, Finance and Special Projects, Greenland Malaysia (2007) 6. Energy Sector Specialist, The Boston Consulting Group (2001) 7. Planning Analyst, Downstream Economics Planning Department, Shell Malaysia (1999) Other Directorship: 1. Listed Issuer • Al-Salām Real Estate Investment Trust • KPJ Healthcare Berhad • Damansara Holdings Berhad 2. Public Companies • QSR Brands (M) Holdings Berhad • Kulim (M) Berhad Course Attended: 1. Executive Education: University of Cambridge, Judge Business School, UK - Platform Strategies Digital Transformation. 2. Executive Education: Northwestern University, Kellogg School of Business, USA - Strategic Change Management. Nationality: Age: 52 Gender: Male Date of Appointment: 24 August 2020 Number of Meetings Attended: 6/6 THE BOARD OF DIRECTORS 31 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
THE BOARD OF DIRECTORS 4. Executive Vice President, Strategic Marketing Iskandar Investment Berhad (2018) 5. Senior Vice President, Marketing Iskandar Investment Berhad (2010) 6. Senior Vice President, Residential Development Iskandar Investment Berhad (2009) Other Directorship: 1. Listed Issuer • Al-Salām Real Estate Investment Trust 2. Public Companies • Johor Land Berhad Course Attended: • Nil NG YAN CHUAN Non-Independent Non-Executive Director Committee Member: • Nil Academic and Professional Qualifications: • Bachelor of Building, University of New South Wales, Sydney Australia • Master of Applied Science, Macquarie University, New South Wales, Australia Working Experience: Present Appointment 1. Chief Commercial Officer, JLand Group Sdn Bhd 2. Deputy Director, Real Estate & Infrastructure Division, JCorp Group Past Experiences 1. CEO, Southern Region Distinctive Group (2021) 2. Executive Director, Business Development Gamuda Land Sdn Bhd (2020) 3. Executive Director of Iskandar Coast Iskandar Investment Berhad (2019) Nationality: Age: 58 Gender: Male Date of Appointment: 16 December 2022 Number of Meetings Attended: 1/1 Notes - None of the Directors have: • any family relationship with any Director of the Manager and/or major unitholder of Al-`Aqar; • any conflict of interest with Al-`Aqar; • any conviction of interest within the past 5 years (other than traffic offences); and • any public sanctions or penalties imposed by the relevant regulated bodies during the financial year ended 31 December 2022. AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 32
DATO’ DR. HAJI NOOH BIN GADOT Chairman, Shariah Committee 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: Dato’ Dr. Haji Nooh Bin Gadot 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). Dato’ Dr. Haji Nooh Bin Gadot 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 Nationality: Age: 77 Gender: Male Date of Appointment: 22 June 2006 THE SHARIAH COMMITTEE 33 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
THE SHARIAH COMMITTEE Other Directorship: • Shariah Committee, ANGKASA • Shariah Committee, STUTE • Committee, Jamaah Ulama Majlis Istiadat Agama Islam dan Adat Istiadat Melayu Kelantan PROFESOR MADYA DR. ABDUL HALIM BIN MUHAMMAD Member, Shariah Advisory Committee Academic and Professional Qualifications: • Bachelor in Shariah, Al-Azhar University, Egypt • Doctor of Philosophy (PhD) in Shariah, University of St Andrews, Scotland Working Experience: Profesor Madya Dr. Abdul Halim Bin Muhammad 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 Profesor Madya Dr. Abdul Halim Bin Muhammad 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. Nationality: Age: 78 Gender: Male Date of Appointment: 22 June 2006 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 34
THE SHARIAH COMMITTEE About IBFIM Profile of Designated Person responsible for Shariah matters relating to Al-`Aqar IBFIM is a registered Shariah adviser under the Capital Market Services Act 2007 and has been providing a wide range of Shariah advisory and consultancy services for Islamic financial services industry since 2001. IBFIM is also a lifelong learning institution that specialises in technical certi cations for Islamic financial services industry. As Shariah Adviser to Al-`Aqar, IBFIM is providing necessary advice to ensure that Al-`Aqar business is Shariah-compliant. IBFIM was appointed as the Shariah Adviser for Al-`Aqar effective 2 July 2020. In relation to Shariah matters, the designated persons responsible for the fund investment activities under Al-`Aqar are Mohamad Salihin Bin Deris and Irma Namira Binti Missnan. Mohamad Salihin Bin Deris is the Director, Shariah Business Advisory of IBFIM. He brings with him approximately 22 years of combined experience in Islamic finance and Shariah advisory in both roles: as a policy maker in a regulatory authority and as an industry practitioner. At IBFIM, he leads the Shariah advisory and consultancy team helping the clients to achieve a comprehensive and optimal Shariah compliance solution. Mohamad Salihin started his career with Bank Negara Malaysia’s Islamic Banking & Takaful Department. He then served CIMB Islamic Bank, Hong Leong Islamic Bank and Association of Islamic Banking Institutions Malaysia. Before joining IBFIM, he served Bank Pembangunan Malaysia Berhad as the Group Head, Shariah Management. He had gained experience in Shariah advisory, research, secretariat and review functions, developed and implemented the overall Shariah governance framework as well as involved in Islamic conversion initiative for a development bank. Mohamad Salihin holds double-degree in LLB(Hons) and LLB(Shariah)(Hons) from International Islamic University Malaysia. He also holds Associate Qualification in Islamic Finance from IBFIM and Certified Shariah Advisor qualification from Association of Shariah Advisors in Islamic Finance (“ASAS”). He is a Member of ASAS and had previously served as its exco. He is a certified HRDCorp trainer and had contributed as reviewer of Shariah training modules. Occasionally, he speaks on Shariah governance topics in Islamic finance. Currently he is a Member of Affin Islamic Bank’s Shariah Committee, the Chairman of AmMetLife Takaful’s Shariah Committee and a registered Shariah adviser with the Securities Commission of Malaysia for IBFIM in relation to the Islamic capital market product and services. Irma Namira Binti Missnan is currently a Manager, Shariah Business Advisory of IBFIM. She brings with her approximately 10 years of experience in Islamic finance and Shariah advisory. At IBFIM, she is responsible to lead and provide relevant inputs for the Shariah advisory, consultancy and research functions with regard to Islamic banking, takaful, Islamic capital market, Islamic REITs and Islamic unit trust funds. 35 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
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