Areca has appointed ZICO Shariah Advisory Services Sdn Bhd (ZICO Shariah), Masryef Advisory and Amanie Advisors Sdn. Bhd as the Shariah Advisor. ZICO Shariah Advisory Services Sdn Bhd (ZICO Shariah) is the Shariah Advisor to Areca Islamic Cash Fund. Masryef Advisory is the Shariah Advisor to Areca I-Value Assets Fund. Amanie Advisors Sdn Bhd is the Shariah Advisor to Areca Islamic equityTRUST Fund.
Chairperson, Independent Director, Independent Investment Committee Member
Director of ZICO Shariah Advisory Services
Chairperson, Independent Director, Independent Investment Committee Member
ZICO Shariah is the Shariah Advisor to Areca Islamic Cash Fund (“Fund”). As the Shariah Advisor, the role of ZICO Shariah is to ensure that the operations and investments of the Fund are in compliance with Shariah requirements.
The Shariah Advisor reviews the Fund’s investments to ensure the fund manager has managed and administered Fund in accordance with Shariah principles and complied with the applicable guidelines, rulings and decisions issued by the SC.
For the Fund’s investment in domestic Shariah-compliant equity and sukuk, Islamic Deposits and Investment accounts, Islamic money market instruments and Islamic negotiable instruments, the screening of such investments are based on the “List of Shariah-compliant securities by the Shariah Advisory Council of the SC”, list of sukuk issued by the SC, list of Islamic money market instruments provided by BNM; and list of Islamic Deposits and Investment accounts provided
by the fund manager on a monthly basis as required by the Shariah Advisor to ensure that all placements are in accordance with Shariah. Final responsibility for ensuring Shariah compliance of the Fund in all relevant aspects rests solely with the fund manager.
Dr. Aida Othman is a Partner at Zaid Ibrahim & Co. (a member of ZICO Law). She is also the director of ZICO Shariah Advisory Services. Dr. Aida specializes in Islamic banking and finance, Islamic capital market instruments and Takaful products and operations. She also advises on Shariah compliance and governance, including on the legal and regulatory framework for Islamic finance. In particular, she has advised on the structure and documentation for Islamic banking products, the legal and regulatory framework for Islamic financial services, structuring and Shariah compliance issues for Sukuk issuance, private equity funds and unit trust funds, Shariah review and Shariah audit of Islamic financial institutions, Takaful products and operationsand Islamic wealth management and planning.
Dr. Aida holds a Doctor of Philosophy in Comparative Law & Middle Eastern Studies from Harvard University, United States of America. She also obtained her Masters of Law from Cambridge University, United Kingdom and Bachelor of Laws (First Class Honours) and Bachelor of Islamic Law (Syariah) (First Class Honours) from International Islamic University, Malaysia.
Currently, she is an Advocate & Solicitor of the High Court of Malaya. She is the panel arbitrator for banking/financial instruments at the Asian International Arbitration Centre (AIAC). Dr. Aida sits on the Shariah Advisory Board of HSBC Amanah Malaysia Berhad, Permodalan Nasional Berhad, and AmMetlife Takaful Berhad. She is also a member of the Society of Trust and Estate Practitioners (STEP), United Kingdom, a member of the Islamic Finance Committee, Bar Council, Malaysia, a member of the Association of Shariah Advisors in Islamic Finance (ASAS), Malaysia, and a member of the Majlis Agama Islam & Adat Melayu Negeri Perak. Formerly, she was a member of the Technical Working Group on Ethics of the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain.
