Prudential Islamic Master Prospectus

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					Prudential Islamic Master
Prospectus
This Prospectus is dated 15 July 2009
and is valid until 14 July 2010.



Comprising 6 funds:
PRUIslamic Trust (comprising PRUdana al-ilham, PRUdana al-islah
and PRUdana wafi), PRUdana dinamik, PRUislamic income fund
and PRUasia pacific Shariah equity fund.

Date of Constitution of the funds:
The PRUIslamic Trust was constituted by the Master Deed dated
25 July 2002 as modified by the Supplemental Master Deed
dated the 22 day of June 2004; the PRUdana dinamik was
constituted by the Deed dated 19 February 2004; the PRUislamic
income fund was constituted by the Deed dated 10 January 2007
and the PRUasia pacific Shariah equity fund was constituted by
the Deed dated 17 September 2007

MANAGER
Prudential Fund Management Berhad (531241-U)

TRUSTEE
HSBC (Malaysia) Trustee Berhad (1281-T)

Investors are advised to read and understand the contents of the
prospectus. If in doubt, please consult a professional adviser.

For information concerning certain risk factors which should be
considered by prospective investors, see ‘risk factors’
commencing on page 30.
Prudential Islamic Master
               Prospectus
           This Prospectus is dated 15 July 2009
                  and is valid until 14 July 2010.
PREFACE

Dear Investor,


Welcome to the Prudential Islamic Master Prospectus. In this Master Prospectus, you will
find a wide range of Shariah-compliant products that may suit your investment needs.
They range from the less risky income products, like PRUdana wafi, to the more aggressive
products but with potential to provide higher longer-term capital growth such as the
PRUdana al-ilham.


The main features, objectives and specific risks related to the Funds can be easily found
in the Key Data section in pages 12 to 19.


To see if these Funds are suitable for you, we also have a section which describes the
profile of investors suitable to invest in the Funds which are on page 16. One of the ways
of ensuring that the products are right for you is to find out whether the objectives of
the Funds are aligned with your own financial objectives.


As always, it is important to note the fees and charges related to the Funds and you can
find an easy reference to these fees and charges in pages 20 to 23.


At Prudential, we pride ourselves in making our products available at your convenience;
you can buy or sell units at any of our distributor branches listed in page 9.


We hope you will find the information in this Prospectus useful. Should you have any
further inquiries, you may call our Customer Service line on 03 - 2332 1000.



Yours sincerely




Mark Toh Chin Hian
Chief Executive Officer
                          Prudential Islamic Master
                                                                        PROSPECTUS

This Prudential Islamic Master Prospectus has been reviewed and
approved by the directors of Prudential Fund Management Berhad
and they collectively and individually accept full responsibility for
the accuracy of the information. Having made all reasonable
inquiries, they confirm to the best of their knowledge and belief,
there are no false or misleading statements, or omission of other
facts which would make any statement in the Prudential Islamic
Master Prospectus false or misleading.


The Securities Commission has approved the issue of, offer for
subscription or purchase, or issue an invitation to subscribe for
or purchase Units of the Funds and a copy of this Prudential
Islamic Master Prospectus has been registered with the Securities
Commission.


The approval, and registration of this Prudential Islamic Master
Prospectus, should not be taken to indicate that the Securities
Commission recommends the Funds or assumes responsibility
for the correctness of any statement made or opinion or report
expressed in this Prudential Islamic Master Prospectus.


The Securities Commission is not liable for any non-disclosure
on the part of Prudential Fund Management Berhad responsible
for the Funds and takes no responsibility for the contents in this
Prudential Islamic Master Prospectus. The Securities Commission
makes no representation on the accuracy or completeness of this
Prudential Islamic Master Prospectus, and expressly disclaims any
liability whatsoever arising from, or in reliance upon, the whole
or any part of its contents.
INVESTORS SHOULD RELY ON THEIR OWN EVALUATION TO
ASSESS THE MERITS AND RISKS OF THE INVESTMENT. IN
CONSIDERING THE INVESTMENT, INVESTORS WHO ARE IN
DOUBT AS TO THE ACTION TO BE TAKEN SHOULD CONSULT
THEIR PROFESSIONAL ADVISERS IMMEDIATELY.


No units will be issued or sold on the basis of this Prudential
Islamic Master Prospectus later than one (1) year after the
date of this Prudential Islamic Master Prospectus.


Investors are advised to note that recourse for false or misleading
statements or acts made in connection with the Prudential Islamic
Master Prospectus is directly available through sections 248, 249
and 357 of the Capital Markets and Services Act 2007.


PRUIslamic Trust (comprising PRUdana al-ilham, PRUdana al-
islah and PRUdana wafi), PRUdana dinamik, PRUislamic income
fund and PRUasia pacific Shariah equity fund have been certified
as being Shariah compliant by the Shariah advisers appointed
for those Funds
                 Prudential Islamic Master Prospectus


Table of Contents
  1.   Definitions                                                    1


  2.   Corporate Directory                                             5


  3.   Key Data                                                       12
       Fund Information                                               12
       Fees & Charges                                                 20
       Transactions                                                   24


  4.   Risk Factors                                                   30
       General Risk Of Investing In A Shariah Based Unit Trust Fund   30
       Specific Risk Associated To The Shariah Based Unit Trust Funds 34


  5.   The Funds                                                      40
       Investment Philosophy                                          40
       Objectives, Investment Policies And Strategies Of The Funds    40
       Fund Category, Type And Performance Indicator                  46
       Permitted Investments                                          47
       Investment Restrictions And Limits                             51
       Valuation Of The Fund                                          62
       Policy On Gearing                                              65


  6.   Performance Of The Funds                                       68
       Financial Highlights                                           68
       Distribution Records                                           69
       Portfolio Turnover Ratio                                       71
       Asset Allocation                                               73


  7.   Historical Financial Highlights Of The Fund                    75
       Management Expense Ratio                                       87


  8.   Fees, Charges, Prices                                          90
       Charges Directly Incurred                                      90
       Fees And Expenses Indirectly Incurred                          92
       Direct Expenses Related To The Funds                           93
       Other Fees And Charges                                         94


                   Customer Service: 03-2332 1000
                     Prudential Islamic Master Prospectus




     Rebates And Soft Commissions                                95
     Calculation Of Unit Prices                                  95


9.   Transaction Information                                    101
     How You Can Keep Track Of Your Investment                  101
     How You Would Start Investing                              102
     Cooling-off                                                104
     Redeeming An Investment                                    105
     Switching Between Funds                                    106
     Transfer Of Units                                          107
     A Quick Guide On How To Buy, Sell, Switch & Transfer       108
     Our Dealing In Units And Investments                       110
     Income Distribution And Reinvestment Policies              110
     Unclaimed Income Policy                                    110
     General Unclaimed Monies Policy                            110


10. The People Behind The Prudential Islamic Funds              112
     We As The Manager                                          112
     Summary Of Financial Position                              112
     Our Roles & Functions                                      113
     Board Of Directors                                         113
     Key Management Staff                                       115
     Investment Committee                                       119
     Investment Team                                            120
     Material Litigation And Arbitration                        122


11. The Shariah Adviser                                         124
     IBFIM As The Shariah Adviser For PRUdana al-ilham,
       PRUdana al-islah, PRUdana wafi, PRUdana dinamik
       and PRUislamic income fund                               124
     General Information On The Shariah Adviser                 124
     Shareholders                                               125
     The Designated Persons Responsible For Shariah Matters
       Relating To The Funds                                    125
     Amanie Business Solutions Sdn Bhd As The Shariah Adviser
       For PRUasia pacific Shariah equity fund                  126


                         Customer Service: 03-2332 1000
               Prudential Islamic Master Prospectus




    General Information On The Shariah Adviser                126
    The Designated Persons Responsible For Shariah Matters
      Relating To The Funds                                   128


12. The Trustee                                               133
    General Information On The Trustee                        133
    Board Of Directors                                        133
    Its Financial Position                                    133
    Retirement Or Removal Or Replacement Of Trustee           135
    Trustee’s Statement Of Responsibility                     135
    Material Litigation And Arbitration                       135
    Trustee’s Delegate                                        136
    Profile Of Key Personnel                                  137


13. Salient Terms Of Deed                                     142
    Your Rights                                               142
    Your Liabilities                                          142
    Maximum Fees And Charges Permitted                        143
    Procedures To Increase The Direct And Indirect Fees And
      Charges                                                 144
    Our Right To Retire                                       145
    Our Powers To Remove/Replace Trustee                      146
    Trustees Right To Retire                                  146
    Termination Of The Funds                                  147
    Meetings Of Unit Holders                                  149


14. Approvals And Conditions                                  152


15. Related Party Transactions / Conflict Of Interest         154


16. Taxation Adviser’s Letter On Taxation Of The Funds
      And Unit Holders                                        156




                Customer Service: 03-2332 1000
                      Prudential Islamic Master Prospectus




17. Additional Information                                   162
    Consent                                                  162
    Our Discretion                                           162
    Representations                                          162
    The Deed                                                 163
    Anti-Money Laundering                                    163


18. Documents Available For Inspection                       165


19. Directors’ Declaration                                   166




                       Customer Service: 03-2332 1000
                             Prudential Islamic Master Prospectus




                                                                                             Definitions
1. Definitions
In this Prudential Islamic Master Prospectus the following abbreviations or words shall
have the following meanings unless expressly stated.




    “Bursa Malaysia”
        means the stock exchange managed and operated by the Bursa Malaysia
        Securities Berhad;


    “Business Day”
        means a day on which the Bursa Malaysia open for trading;


    “Deed”
        means the deeds or master deeds for the respective Fund and any other
        supplemental deeds or master supplemental deeds that may be entered into
        between the Manager and the Trustee and registered with the SC;


    “Eligible Market”
        means a market that is regulated by a regulatory authority; operates regularly;
        is open to the public and has adequate liquidity for the purposes of the fund
        in question;


    “EPF”
        means the Employees Provident Fund;


    “FBMS”
        means FTSE Bursa Malaysia Emas Shariah Index


    “the Funds”
        means the unit trust schemes comprised in the Prudential Islamic Trust (Prudential
        Dana Al-ilham, Prudential Dana Al-islah, Prudential Dana Wafi), Prudential Dana
        Dinamik, Prudential Islamic Income Fund, Prudential Asia Pacific Shariah Equity
        Fund and “a Fund” or “Fund” means any one of such schemes;


    “GIA”
        means General Investment Account;




                             1_Customer Service: 03-2332 1000
                                      Prudential Islamic Master Prospectus
Definitions




              “Guidelines”
                 means the Guidelines on Unit Trust Funds issued by the Securities Commission
                 as may be amended from time to time;


              “IUTA”
                 means an Institutional Unit Trust Adviser approved by the Securities Commission
                 and registered with the Federation of Investment Managers Malaysia, formerly
                 known as Federation of Malaysian Unit Trust Managers to market and distribute
                 unit trust funds;


              “MER”
                 means management expense ratio;


              “Net Asset Value (NAV) of the Fund”
                 is determined by deducting the value of all the Fund’s liabilities from the value
                 of all the Fund’s assets, at the valuation point. For the purpose of computing the
                 annual management fee and annual trustee fee, the NAV of the Fund should be
                 inclusive of the management fee and trustee fee for the relevant day;


              “NAV per Unit”
                 in respect of the Fund, is the NAV of the Fund at a particular valuation point divided
                 by the number of Units of that Fund in circulation at the same valuation point;


              “the Prudential Islamic Master Prospectus”
                 means this Prospectus comprising of the Funds (i.e. Prudential Dana Al-ilham,
                 Prudential Dana Al-islah, Prudential Dana Dinamik, Prudential Dana Wafi,
                 Prudential Islamic Income Fund and Prudential Asia Pacific Shariah Equity Fund)
                 and includes such other unit trust schemes which may from time to time be
                 established;


              “RAM quant shop MGS Medium Index”
                 means the Rating Agency of Malaysia Quant Shop Malaysian Government
                 Securities Medium Index;


                                       2_Customer Service: 03-2332 1000
                       Prudential Islamic Master Prospectus




                                                                                      Definitions
“SACSC”
   means the Shariah Advisory Council of the Securities Commission;


“SC”
   means the Securities Commission established under the Securities Commission
   Act 1993;


“Shariah”
   means Islamic Law comprising the whole body of rulings pertaining to human
   conducts derived from the primary and secondary sources of the Shariah. The
   primary sources are the Quran, the Sunnah, Ijma’ and Qiyas while the secondary
   ones are those established sources such as Maslahah, Istihsan, Istishab, `Uruf
   and Sadd Zara’ie;


“Shariah Adviser”
   Means the Islamic Banking and Finance Institute Malaysia Sdn. Bhd. (IBFIM) for
   Prudential Dana Al-Ilham, Prudential Dana Al-Islah, Prudential Dana Dinamik,
   Prudential Dana Wafi and Prudential Islamic Income Fund; means Amanie Business
   Solutions Sdn Bhd (ABS) for Prudential Asia Pacific Shariah Equity Fund;


“Shariah-compliant”
   in respect of securities, means securities that are approved by the SACSC and/or
   the Shariah Adviser based on the interpretation of the Shariah;


“Shariah requirements ”
   is a phrase or expression which generally means making sure that any human
   conduct must not involve any prohibition and that in performing that conduct
   all the essential elements that make up the conduct must be the present and
   each essential element must meet all the necessary conditions required by the
   Shariah for that element;




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                                       Prudential Islamic Master Prospectus
Definitions




              “Sukuk”
                 means a document or certificate, documenting the undivided pro-rated ownership
                 of underlying assets. The sak (singular of sukuk) is freely traded at par, premium
                 or discount. In Malaysia, the term sukuk is used for fixed income securities which
                 comply with Shariah requirements. However, it is normally used together with
                 Shariah principles applied in the structure, such as bai bithaman ajil, murabahah
                 and istisna’ for underlying transactions based on indebtedness, or musyarakah
                 and mudharabah for underlying transactions based on partnership.


              “Trustee”
                 means HSBC (Malaysia) Trustee Berhad (1281-T);


              “Unit”
                 means a measurement of the right or interest of a Unit Holder in the Fund and
                 means a Unit (including a fraction of a Unit) of the Fund.


              “Unit Holder”
                 means the person for the time being who is registered pursuant to the Deed as
                 a holder of Units of the Fund; and


              “We/us”
                 means Prudential Fund Management Berhad (531241-U).


                 THE FUNDS AND THEIR ABBREVIATIONS
                 Prudential Dana Al-ilham is also known as PRUdana al-ilham
                 Prudential Dana Al-islah is also known as PRUdana al-islah
                 Prudential Dana Wafi is also known as PRUdana wafi
                 Prudential Dana Dinamik is also known as PRUdana dinamik
                 Prudential Islamic Income Fund is also known as PRUislamic income fund
                 Prudential Asia Pacific Shariah Equity Fund is also known as PRUasia pacific
                 Shariah equity fund




                                       4_Customer Service: 03-2332 1000
                          Prudential Islamic Master Prospectus



2. Corporate Directory

THE MANAGER                                     THE TRUSTEES
NAME                                            NAME




                                                                                         Corporate Directory
PRUDENTIAL FUND MANAGEMENT                      HSBC (MALAYSIA) TRUSTEE BERHAD
BERHAD
                                                COMPANY NO.
COMPANY NO.                                     1281-T
531241-U
                                                REGISTERED OFFICE/ HEAD OFFICE
REGISTERED OFFICE                               Suite 901, 9th Floor
18th Floor, Wisma Sime Darby                    Wisma Hamzah-Kwong Hing
Jalan Raja Laut                                 No. 1 Leboh Ampang
50350 Kuala Lumpur                              50100 Kuala Lumpur


HEAD OFFICE                                     TELEPHONE NO.
Level 12, Menara Prudential                     03 – 2074 3200
10, Jalan Sultan Ismail
50250 Kuala Lumpur                              FAX NO.
                                                03 – 2078 0145
TELEPHONE NO.
03 – 2052 3388                                  THE TRUSTEE’S DELEGATE (Local)
                                                NAME
FAX NO                                          THE HONGKONG AND SHANGHAI
03 – 2070 6129                                  BANKING CORPORATION LIMITED
                                                (as Custodian) and assets held through
EMAIL                                           HSBC NOMINEES (TEMPATAN) SDN BHD
pfmbservice@prudential.com.my
                                                COMPANY NO.
WEBSITE                                         258854-D
www.prudential.com.my
                                                REGISTERED OFFICE/ HEAD OFFICE
                                                No. 2 Leboh Ampang
                                                50100 Kuala Lumpur




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                                                Prudential Islamic Master Prospectus




                      TELEPHONE NO.                                 NAME
                      03 – 2070 0744                                AMANIE BUSINESS SOLUTIONS SDN BHD
Corporate Directory




                      FAX NO.                                       COMPANY NO
                      03 – 2072 9787                                684050 – H


                      SHARIAH ADVISER                               REGISTERED OFFICE/ HEAD OFFICE
                      NAME                                          No 23 - 1D, Jalan Pandan Indah 4/34
                      ISLAMIC BANKING AND FINANCE                   Pandan Indah, 55100 Kuala Lumpur
                      INSTITUTE MALAYSIA SDN BHD                    Malaysia


                      COMPANY NO.                                   BUSINESS ADDRESS
                      340040-M                                      Suite 35.01, Level 35
                                                                    Menara AmBank
                      REGISTERED OFFICE/ HEAD OFFICE                8, Jalan Yap Kwan Seng
                      Level 18, Menara Yayasan Tun Razak            50450 Kuala Lumpur
                      200 Jalan Bukit Bintang
                      55100 Kuala Lumpur                            TELEPHONE NO.
                                                                    03 – 2164 1651
                      BUSINESS ADDRESS
                      3rd Floor                                     FAX NO.
                      Dataran Kewangan Darul Takaful                03 – 2164 1644
                      Jalan Sultan Sulaiman
                      50000 Kuala Lumpur                            BOARD OF DIRECTORS
                                                                    1. Dato’ Tharmaratnam a/l
                      TELEPHONE NO.                                      Kanagaratnam (independent)
                      03 – 2031 1010                                2. Ho Yik (independent)
                                                                    3. Tan Sri Datuk Abdul Rahim bin Haji
                      FAX NO.                                            Din (non-independent)
                      03 – 2078 5250                                4. Mark Toh Chin Hian
                                                                         (non-independent)
                      WEBSITE                                       5. Julian Christopher Vivian Pull
                      www.ibfim.com                                      (non-independent)




                                                6_Customer Service: 03-2332 1000
                            Prudential Islamic Master Prospectus




INVESTMENT COMMITTEE                            FEDERATION OF INVESTMENT
1. Ho Yik (independent)                         MANAGER MALAYSIA (FiMM)
2. Robert Yap Yen Choon                         (formerly known as Federation of




                                                                                   Corporate Directory
    (independent)                               Malaysian Unit Trust Managers
3. Abdul Khalil bin Abdul Hamid                 (FMUTM)
    (independent)
4. Mark Toh Chin Hian                           ADDRESS
    (non-independent)                           19-07-3, 7th Floor
5. Tan Sri Datuk Abdul Rahim bin Haji           PNB Damansara,
    Din (non-independent)                       19, Lorong Dungun
                                                Damansara Heights
AUDIT & COMPLIANCE COMMITTEE                    50490 Kuala Lumpur
1. Dato’ Tharmaratnam a/l
    Kanagaratnam (independent)                  TELEPHONE NO.
2. Ho Yik (independent)                         03-2093 2600


COMPANY SECRETARIES                             AUDITORS FOR THE MANAGER
NAME                                            NAME
JENNIFER CHEONG NGEI FAAN                       KPMG
(BC/C/049)
CHEONG CHOOI KEAT (MAICSA                       ADDRESS
7036394)                                        Level 10, KPMG Tower
                                                8, First Avenue
ADDRESS                                         Bandar Utama
RDL Corporate Services Sdn Bhd                  47800 Petaling Jaya
18th Floor, Wisma Sime Darby                    Selangor, Malaysia
Jalan Raja Laut
50350 Kuala Lumpur                              TELEPHONE NO.
                                                03- 7721 3388
TELEPHONE NO.
03 - 2694 9999




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                                                 Prudential Islamic Master Prospectus




                      AUDITORS & REPORTING                           REGISTERED OFFICE/ HEAD OFFICE
                      ACCOUNTANT FOR THE FUNDS                       Suite 901, 9th Floor
                      NAME                                           Wisma Hamzah-Kwong Hing
Corporate Directory




                      PRICEWATERHOUSECOOPERS                         No. 1 Leboh Ampang
                                                                     50100 Kuala Lumpur
                      ADDRESS
                      Level 10, 1 Sentral                            TELEPHONE NO.
                      Jalan Travers, Kuala Lumpur Sentral            03-2074 3200
                      PO Box 10192
                      50706 Kuala Lumpur                             FAX NO.
                                                                     03-2078 0145
                      TELEPHONE NO.
                      03-2173 1188                                   SOLICITOR
                                                                     NAME
                      TAXATION ADVISER FOR THE FUNDS                 RAJA, DARRYL & LOH
                      NAME
                      PRICEWATERHOUSECOOPERS TAXATION                ADDRESS
                      SERVICES SDN BHD                               RDL Corporate Services Sdn Bhd
                                                                     18th Floor, Wisma Sime Darby
                      ADDRESS                                        Jalan Raja Laut
                      Level 10, 1 Sentral                            50350 Kuala Lumpur
                      Jalan Travers, Kuala Lumpur Sentral
                      PO Box 10192                                   TELEPHONE NO.
                      50706 Kuala Lumpur                             03-2694 9999


                      TELEPHONE NO.                                  PRINCIPAL BANKERS
                      03-2173 1188                                   NAME
                                                                     MALAYAN BANKING BERHAD
                      FUND VALUER FOR THE PRUislamic
                      income fund & PRUasia pacific Shariah          ADDRESS
                      equity fund                                    100, Jalan Tun Perak
                      NAME                                           50050 Kuala Lumpur
                      HSBC (MALAYSIA) TRUSTEE BERHAD
                                                                     TELEPHONE NO.
                      COMPANY NO.                                    03-2070 8833
                      1281-T


                                                  8_Customer Service: 03-2332 1000
                          Prudential Islamic Master Prospectus




NAME                                            BRANCH
STANDARD CHARTERED BANK                         Suite E3, 9th Floor
MALAYSIA BERHAD                                 CPS Tower, Centre Point Sabah




                                                                                Corporate Directory
                                                No. 1, Jalan Centre Point
ADDRESS                                         88000 Kota Kinabalu, Sabah
Level 16, Menara Standard Chartered
30 Jalan Sultan Ismail                          TELEPHONE NO.
50250 Kuala Lumpur                              088-238613


TELEPHONE NO.                                   ENQUIRIES
03- 2117 7800                                   CUSTOMER SERVICE
                                                03-2332 1000
NAME
HSBC BANK MALAYSIA BERHAD


ADDRESS
2, Leboh Ampang
50100 Kuala Lumpur


TELEPHONE NO.
03- 2070 0744


SALE & PURCHASE OF UNITS
Prudential Fund Management Berhad
Level 12, Menara Prudential
10, Jalan Sultan Ismail
50250 Kuala Lumpur


BRANCH
No. 9-2, Jalan Damar SD15/1
Bandar Sri Damansara
52200 Kuala Lumpur


TELEPHONE NO.
03-6279 5888




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KEY DATA

Funds Information                                          12


Fees & Charges                                             20


Transactions                                               24


Distribution                                               27


Other Information                                          28




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                                       Prudential Islamic Master Prospectus


           3. Key Data

           FUND INFORMATION
            Name of      Fund Category       Commencement Objective of the Fund
            Funds        / Type of           Date of the Fund
                         Funds

            PRUdana      Islamic Equity /    14 Aug 2002           Seeks to provide high capital
            al-ilham     Growth                                    appreciation* from Shariah-compliant
                                                                   investments which have the potential
                                                                   of substantial value appreciation.

            PRUdana      Islamic Fixed       14 Aug 2002           Seeks to provide a stable income
            al-islah     Income / Income                           stream, and an opportunity for
                                                                   capital appreciation from Shariah-
                                                                   compliant fixed income and equity
Key Data




                                                                   securities.

            PRUdana      Islamic Bond /      21 Feb 2005           Seeks to generate stable income by
            wafi         Income                                    investing in Shariah-compliant fixed
                                                                   income securities.

            PRUdana      Islamic Equity /    25 Feb 2004           Seeks to provide capital appreciation
            dinamik      Growth &                                  by actively investing in Shariah
                         Income                                    approved equity and equity-
                                                                   related securities that comply with
                                                                   Shariah requirements. For defensive
                                                                   consideration, the Fund may invest
                                                                   in Shariah approved debentures and
                                                                   money market instruments.

            PRUislamic Islamic Money         8 Feb 2007            Seeks to provide liquidity and a
            income     Market / Income                             steady income stream by investing
            fund                                                   in money market instruments and
                                                                   short-term debentures which are
                                                                   Shariah compliant.

            PRUasia      Shariah Equity/     22 Nov 2007           Seeks medium to long-term capital
            pacific      Growth                                    appreciation by investing primarily
            Shariah                                                in Shariah compliant undervalued
            equity                                                 companies with potential re-rating in
            fund                                                   the Asia Pacific ex-Japan region.

           * High returns are generally associated with high investment risks.




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                          Prudential Islamic Master Prospectus




FUND INFORMATION
Name of      Investment Policies and Strategies
Funds

PRUdana      Invests principally in a diversified portfolio of Shariah-compliant equity
al-ilham     and equity related securities that are undervalued and have good growth
             potential.

PRUdana      Invests in a portfolio of sukuk and Shariah-compliant equity securities, with
al-islah     more sukuk than Shariah-compliant equities, at all time.

PRUdana      Invests in a portfolio of sukuk, primarily in a portfolio of lslamic debentures
wafi         with minimum credit rating of BBB or P3 by RAM or its equivalent.




                                                                                                  Key Data
PRUdana      Invests in a diversified portfolio of Shariah compliant equity and equity-
dinamik      related securities; for defensive considerations, will invest in a mix of Shariah-
             compliant equities, Islamic debentures and Islamic money market instruments
             depending on the short-term and long-term market outlook.

PRUislamic   Invests in a portfolio of Islamic money market instruments and other short-
income       term sukuk.
fund

PRUasia      Seeks medium to long-term capital appreciation by investing primarily in
pacific      undervalued companies with the potential for re-rating in the Asia Pacific
Shariah      ex-Japan region.
equity
fund         A company may be re-rated for example, when it secures a large/substantial
             contract or a likelihood of an expansion of price-earning ratio. We gather
             such information on corporate developments from fund houses’ dailies,
             websites of stock exchanges and our regional offices globally. We will then
             identify companies with improving quarterly earnings compared with market
             consensus for any potential earnings upgrade.

             The Fund has the flexibility to pick stocks across countries and industries that
             comply with the Shariah requirements and include, but are not limited to,
             Shariah-compliant Asia Pacific equities quoted on recognized Asia Pacific
             ex-Japan exchanges.




                          13_Customer Service: 03-2332 1000
                                     Prudential Islamic Master Prospectus




           FUND INFORMATION
           Name of      Asset Allocation
           Funds

           PRUdana      0% - 99% of the Fund’s NAV in a diversified portfolio of Shariah-compliant
           al-ilham     equity and equity-related securities of undervalued companies which have
                        good growth potential.

           PRUdana      •	 0%	-	99%	of	the	Fund’s	NAV		in	sukuk;
           al-islah     •	 Up	to	30%	of	the	Fund’s	NAV	in	Shariah-compliant	equities	and	equity-
                           related securities.

           PRUdana      At least 75% of the Fund’s NAV in sukuk.
           wafi
Key Data




           PRUdana      0% - 100% of the Fund’s NAV in sukuk and Islamic money market
           dinamik      instruments.

           PRUislamic   •	 Up	to	99%	of	the	Fund’s	NAV	in	permitted	instruments	which	are	Shariah-
           income          compliant with portfolio maturing within 365 days;
           fund         •	 Up	to	10%	of	the	Fund’s	NAV	in	permitted	instruments	which	are	Shariah-
                           compliant with portfolio maturing exceeding 365 days but not more than
                           732 days; and
                        •	 Minimum	1%	of	the	Fund’s	NAV	in	cash	or	other	Shariah-based	liquid	
                           assets.

           PRUasia      •	 At	least	75%	of	the	Fund’s	NAV	to	be	invested	in	the	Shariah-compliant	
           pacific         equity and equity related securities;
           Shariah      •	 Up	to	25%	of	the	Fund’s	NAV	to	be	invested	in	the	Islamic	Fixed	Income	
           equity          Securities;
           fund         •	 At	least	0.2%	of	the	Fund’s	NAV	in	cash	or	other	liquid	assets.




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                            Prudential Islamic Master Prospectus




FUND INFORMATION
Name of      Principal Risk in Investing in           Risk
Funds        the Fund                                 Barometer

PRUdana      •	 Market	Risk                           Moderate to High
al-ilham     •	 Stock	Risk	or	Issuer	Risk
             •	 Reclassification	of	Shariah	
                Status Risk

PRUdana      •	   Market	Risk                         Low to Moderate
al-islah     •	   Stock	Risk	or	Issuer	Risk
             •	   Interest	Rate	Risk
             •	   Credit/Default	Risk
             •	   Reclassification	of	Shariah	




                                                                                            Key Data
                  Status Risk


PRUdana      •	   Market	Risk                         Low to Moderate
wafi         •	   Stock	Risk	or	Issuer	Risk
             •	   Interest	rate	Risk
             •	   Credit/Default	Risk
             •	   Liquidity	Risk

PRUdana      •	   Market	Risk                         Moderate to high
dinamik      •	   Stock	Risk	or	Issuer	Risk           (for assets invested in Shariah-
             •	   Liquidity	Risk                      compliant equities)
             •	   Interest	Rate	Risk                  Low to moderate
             •	   Reclassification	of	Shariah	        (for assets invested in Islamic
                  Status Risk                         debentures and Islamic money market
                                                      instrument)

PRUislamic   •	   Market	Risk;                        Low
income       •	   Stock	Risk	or	Issuer	Risk;
fund         •	   Interest	Rate	Risk;	and
             •	   Credit	/	Default	Risk	

PRUasia      •	   Market	Risk                         High
pacific      •	   Stock	Risk	or	Issuer	Risk
Shariah      •	   Currency	Risk
equity       •	   Country	Risk
fund         •	   Derivatives	Risk
             •	   Reclassification	of	Shariah	
                  Status Risk



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           FUND INFORMATION
           Name of      Investor Profile
           Funds

           PRUdana      Investors who:
           al-ilham     •	 Seek	high	capital	appreciation;
                        •	 Have	moderate	to	high	risk	tolerance;
                        •	 Have	medium	to	long-term	investment	horizon.

           PRUdana      Investors who:
           al-islah     •	 Seek	a	stable	income	stream;
                        •	 Have	low	to	medium	risk	tolerance;
                        •	 Have	medium-term	investment	horizon.
Key Data




           PRUdana      Investors who:
           wafi         •	 Seek	a	stable	income	stream	from	a	Shariah-based	fund;
                        •	 Have	low	to	moderate	risk	tolerance;
                        •	 Have	medium-term	investment	horizon	(Note:	we	consider	3-5	years	as	
                           medium term).

           PRUdana      Investors who:
           dinamik      •	 Seek	Capital	appreciation	from	a	Shariah-based	fund;
                        •	 Have	 moderate	 to	 high	 risk	 tolerance	 with	 2-3	 years	 investment	
                           horizon.

           PRUislamic   Investors who:
           income       •	 Seek	a	low	risk	fund,	which	is	Shariah-compliant	to	park	their	excess	fund	
           fund            which are currently not in use;
                        •	 Have	low	risk	tolerance;	and
                        •	 Have	short	term	investment	horizon.

           PRUasia      Investors who:
           pacific      •	 Seek	moderate	to		long-term	capital	growth	on	their	investment
           Shariah                                                                      	
                        •	 Wish	to	participate	in	the	upside	of	the	Asia	Pacific	markets																														
           equity       •	 Have	high	risk	tolerance.
           fund         •	 Have	long-term	investment	horizon.




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                           Prudential Islamic Master Prospectus




FUND INFORMATION
Name of       Performance Indicator
Funds

PRUdana       FBMS
al-ilham

PRUdana       RAM quant shop MGS Short Index
al-islah

PRUdana       RAM quant shop MGS Medium Index
wafi

PRUdana       a) If 100% of the Fund’s NAV invested in Shariah-compliant equities




                                                                                          Key Data
dinamik
              FBMS

              Based on percentage change of FBMS for the period under review

              b) If 100% of the Fund’s NAV invested in sukuk and Islamic money market
                 instruments

              12-month Maybank (GIA) Tier II rate

              Based on the yield of 12-month Maybank (GIA) Tier II rate

              c) If invested in a mix of Shariah-compliant equities, sukuk and Islamic
                 money market instruments

              50% FBMS+ 50% 12-month Maybank GIA Tier II rate

              50% of the benchmark performance is calculated based on the percentage
              change of the FBMS while the other half is based on the yield of 12-month
              Maybank GIA Tier II rate for the period under review

PRUislamic    Bank Islam Overnight REPO
income
fund

PRUasia       Dow Jones Islamic Market Asia Pacific ex-Japan IndexSM
pacific
Shariah
equity fund



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                                      Prudential Islamic Master Prospectus




           FUND INFORMATION
           Name of      Approved Fund             Units in circulation       Aggregate of Units
           Funds        Size                      as at 31 May 2009          in Circulation as at
                                                                             31 May 2009

           PRUdana      600 million units         61,008,486                 102,118,965
           al-ilham

           PRUdana                                27,927,906
           al-islah

           PRUdana                                13,182,573
           wafi
Key Data




           PRUdana      700 million units         44,475,665                 44,475,665
           dinamik

           PRUislamic   1 billion units           157,207,397                157,207,397
           income
           fund

           PRUasia      1.2 billion units         253,959,469                253,959,469
           pacific
           Shariah
           equity
           fund




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                         Prudential Islamic Master Prospectus




FUND INFORMATION
Name of      Financial Year End
Funds

PRUdana      The period of twelve months ending on 31 March of every
al-ilham     year.

PRUdana
al-islah

PRUdana
wafi

PRUdana      The period of twelve months ending on 30 September of every year.




                                                                                 Key Data
dinamik

PRUislamic   The period of twelve months ending on 31 March of every year.
income
fund

PRUasia      The period of twelve months ending on 30 September of every year.
pacific
Shariah
equity
fund




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                                        Prudential Islamic Master Prospectus




           FEES & CHARGES
           This table describes the charges that you may directly incur when you buy or sell Units
           of the Fund(s).

            Name of          Sales Charge per Unit
            Funds

            PRUdana          Manager                   Up to 5.26% of the NAV per Unit of the Fund
            al-ilham         IUTA                      Up to 5.26% of the NAV per Unit of the Fund
                             Agents                    Up to 5.26% of the NAV per Unit of the Fund
            PRUdana          EPF                       Up to 3.00% of the NAV per Unit of the Fund
            al-islah

            PRUdana          Manager                   Nil
Key Data




            wafi             IUTA                      Nil
                             Agents                    Nil
                             EPF                       Nil

            PRUdana          Manager                   Up to 5.00% of the NAV per Unit of the Fund
            dinamik          IUTA                      Up to 5.00% of the NAV per Unit of the Fund
                             Agents                    Up to 5.00% of the NAV per Unit of the Fund
                             EPF                       Up to 3.00% of the NAV per Unit of the Fund

            PRUislamic       Manager                   Nil
            income           IUTA                      Nil
            fund             Agents                    Nil
                             EPF                       Not available

            PRUasia          Manager                   Up to 6.00% of the NAV per Unit of the Fund
            pacific          IUTA                      Up to 6.00% of the NAV per Unit of the Fund
            Shariah          Agents                    Up to 6.00% of the NAV per Unit of the Fund
            equity           EPF                       Not available
            fund


           You may negotiate on the Sales Charge.




                                        20_Customer Service: 03-2332 1000
                           Prudential Islamic Master Prospectus




FEES & CHARGES
This table describes the charges that you may directly incur when you buy or sell Units
of the Fund(s).

 Name of          Redemption Charge    Switching Fee                       Transfer Fee
 Funds            per Unit

 PRUdana          Nil                  Switching fee is waived for the     Nil
 al-ilham                              duration of the Prospectus.
                                       There is no limit as to frequency
 PRUdana                               of switching transaction.
 al-islah

 PRUdana          Nil                  Switching fee is waived for the     Nil




                                                                                          Key Data
 wafi                                  duration of the Prospectus.
                                       There is no limit as to frequency
                                       of switching transaction.

 PRUdana          Nil                  Switching fee is waived for the     Nil
 dinamik                               duration of the Prospectus.
                                       There is no limit as to frequency
                                       of switching transaction.

 PRUislamic       Nil                  Switching fee is waived for the     Nil
 income                                duration of the Prospectus.
 fund                                  There is no limit as to frequency
                                       of switch transactions.

 PRUasia          Nil                  Switching fee is waived for the     Nil
 pacific                               duration of the Prospectus.
 Shariah                               There is no limit as to frequency
 equity                                of switching transaction.
 fund                                  Note: this is subject to our
                                       discretion.




                           21_Customer Service: 03-2332 1000
                                          Prudential Islamic Master Prospectus




           FEES & CHARGES
           This table describes the charges that you may indirectly incur when you buy or sell Units
           of the Fund(s).

            Name of          Other Charges
            Funds

            PRUdana          Charges, for instance bank charges, telegraphic charges and courier
            al-ilham         charges, shall be borne by the investor in order to execute transaction on
                             behalf of the investor.
            PRUdana
            al-islah

            PRUdana
Key Data




            wafi

            PRUdana
            dinamik

            PRUislamic
            income
            fund

            PRUasia
            pacific
            Shariah
            equity
            fund




                                          22_Customer Service: 03-2332 1000
                            Prudential Islamic Master Prospectus




FEES & CHARGES
This table describes the charges that you may indirectly incur when you buy or sell Units
of the Fund(s).

 Name of      Annual                  Annual Trustee Fee              List of Expenses
 Funds        Management                                              directly related to
              Fee                                                     the Fund

 PRUdana      1.50% of the NAV        0.07% on NAV of the Fund,       •	 Commission	paid	
 al-ilham     of the Fund             subject to a minimum of            to brokers
                                      RM18,000 per annum              •	 Auditors’	fee
 PRUdana                                                              •	 Tax	Adviser’s	fee
 al-islah                                                             •	 Valuation	fee
                                                                      •	 Taxes
 PRUdana      1.00% of the NAV                                        •	 Custodial	charges
 wafi         of the Fund                                             •	 Tax	vouchers




                                                                                              Key Data
                                                                      •	 Annual/Interim	
 PRUdana      1.25% of the NAV                                           reports
 dinamik      of the Fund                                             •	 Independent	
                                                                         Investment
 PRUislamic 0.50% of the NAV          0.08% on NAV of the Fund,          Committee
 income     of the Fund               subject to a minimum of            Member fee
 fund                                 RM18,000 per annum              •	 Shariah	Adviser’s	
                                      (excluding foreign custodian       fee
                                      fees and charges)

 PRUasia      1.80% of the NAV        0.08% of the NAV of the
 pacific      of the Fund per         Fund per annum calculated
 Shariah      annum calculated        and accrued daily, subject to
 equity       and accrued daily       a minimum of RM18,000 per
 fund                                 annum (excluding foreign
                                      custodian and charges)

   THERE ARE FEES AND CHARGES INVOLVED AND THAT YOU ARE ADVISED TO
CONSIDER THE FEES AND CHARGES BEFORE INVESTING IN THE FUND.




                            23_Customer Service: 03-2332 1000
                                    Prudential Islamic Master Prospectus




           TRANSACTIONS
           Name of     Minimum Initial      Minimum Additional        EPF Members’ Minimum
           Funds       Investment           Investment                Investment   Redemption
                                                                      Scheme

           PRUdana     •	Lump Sum -      •	Lump Sum – RM100 Minimum               1,000 units or
           al-ilham      RM1,000 or such or such amount as we RM1, 000            all units in the
                         amount as we may may decide from time                    account
           PRUdana       decide from time to time.
           al-islah      to time.        •	Regular Investment
                       •	Regular           i) Post-dated cheque
           PRUdana       Investment -      – RM100 or such
           wafi          RM500 or such amount as we may
                         amount as we may decide from time to
Key Data




           PRUdana       decide from time time.
           dinamik       to time.          ii) Direct debit – RM100
                                           or such amount as we
                                           may decide from time
                                           to time.

           PRUislamic •	Lump Sum –           •	Lump Sum –         Not available   1,000 units or
           income       R M 1 0 0 , 0 0 0 o r RM50,000.00 or such                 all units in the
           fund         such amount as we other amount as we                      account
                        may decide from may decide from time
                        time to time.          to time.

                       •	Lump Sum -      •	Lump Sum – RM100 Not available         1,000 units or
           PRUasia       RM1,000 or such or such amount as we                     all units in the
           pacific       amount as we may may decide from time                    account
           Shariah       decide from time to time.
           equity        to time.        •	Regular Investment
           fund        •	Regular           i) Post-dated cheque
                         Investment -      – RM100 or such
                         RM500 or such amount as we may
                         amount as we may decide from time to
                         decide from time time.
                         to time.          ii) Direct debit – RM100
                                           or such amount as we
                                           may decide from time
                                           to time.




                                     24_Customer Service: 03-2332 1000
                        Prudential Islamic Master Prospectus




TRANSACTIONS
Name of      Frequency of   Cooling-Off              Switching           Minimum
Funds        Redemption     Period                   Policy              Value of Units
                                                                         Switched

PRUdana      No Limit       •	The	 period	 of	 6	    Switching fee is    1,000 units
al-ilham                      Business Days          waived for the      or such other
                              from the date of       duration of the     amount as we
PRUdana                       the acceptance of      prospectus and      may decide from
al-islah                      the application for    there is no limit   time to time.
                              Units by us.           as to frequency
PRUdana                     •	A	cooling-off	right	   of switching
wafi                          is only given to a     transactions.
                              qualified investor.    Note: This is




                                                                                           Key Data
PRUdana                                              subject to our
dinamik                     The cooling-off          discretion.
                            right for investment
PRUislamic                  made under the
income                      EPF Members’
fund                        Investment Scheme
                            is available subject
PRUasia                     to the approval by
pacific                     the EPF.
Shariah
equity
fund




                        25_Customer Service: 03-2332 1000
                                    Prudential Islamic Master Prospectus




           TRANSACTIONS
           Name of      Minimum Amount          Minimum Holding            Exit and re-entry
           Funds        for Transfers                                      option

           PRUdana      10,000 Units or such    1,000 Units or such        Nil
           al-ilham     amount as we may        amount as we may decide
                        decide from time to     from time to time.
           PRUdana      time.
           al-islah

           PRUdana
           wafi

           PRUdana
Key Data




           dinamik

           PRUislamic   10,000 Units or such
           income       amount as we may
           fund         decide from time to
                        time.

           PRUasia      10,000 Units or such
           pacific      other amount as we
           Shariah      may decide from
           equity       time to time.
           fund




                                     26_Customer Service: 03-2332 1000
                           Prudential Islamic Master Prospectus




DISTRIBUTIONS
Name of      Income Distribution Policy               Income Re-investment Policy
Funds

PRUdana      Incidental                               If you choose to reinvest your
al-ilham                                              income distribution, the income
                                                      distribution from the Fund will be
PRUasia                                               invested into additional Units of the
pacific                                               Fund based on the NAV per Unit at
Shariah                                               the end of the day of the income
equity                                                distribution declaration date. The
fund                                                  same shall apply in the absence of
                                                      your written instructions.
PRUislamic   It is intended that the Fund will




                                                                                              Key Data
income       distribute income once every             Your reinvestment of units are
fund         quarter of the year.                     deemed to have been reinvested on
                                                      the next business day of the income
PRUdana      It is intended that the Fund             distribution declaration date. There
al-islah     will distribute income at least          will be no cost i.e no sales charge
             once a year.                             incur for reinvestment of income
PRUdana                                               distribution.
wafi

PRUdana
dinamik


  DISTRIBUTIONS ARE DECLARED ON A BEST EFFORT BASIS ONLY.




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                                        Prudential Islamic Master Prospectus




           OTHER INFORMATION
           Relating to the Master Deed and Supplemental Deed entered into between the Trustees
           and us, are as follows:

            Name of Funds            Deed                                      Avenue for Advice

            PRUdana al-ilham         •	 Master	Deed	dated	25	July	2002	as	     You may visit any of
                                        amended by a Supplemental Master       our offices (which can
            PRUdana al-islah            Deed dated 22 June 2004 and a          be found at page 9)
                                        Second Supplemental Master Deed        or contact any of
            PRUdana wafi                dated 25 January 2005 relating to      our customer service
                                        the Prudential Dana Wafi               personnel at 03-2332
                                     •	 Master	 Supplemental	 Deed	 dated	     1000 for advise in
                                        12 July 2007                           relation to the Fund.
Key Data




            PRUdana dinamik          •	 Deed	dated	19	February	2004            You may also contact
                                     •	 Master	 Supplemental	 Deed	 dated	     the IUTA or our Agents
                                        12 July 2007                           servicing you for further
            PRUislamic income        •	 Deed	dated	10	January	2007             advice.
            fund                     •	 Master	 Supplemental	 Deed	 dated	
                                        12 July 2007
            PRUasia pacific          •	 Deed	dated	17	September	2007
            Shariah equity fund


              THE ABOVE KEY DATA IS ONLY A SUMMARY OF THE FUNDS’ SALIENT
           INFORMATION. YOU SHOULD READ AND UNDERSTAND THE CONTENTS OF THIS
           PROSPECTUS AND, IF NECESSARY, CONSULT YOUR ADVISER(S) BEFORE MAKING
           INVESTMENT DECISION.

              PAST PERFORMANCE OF THE FUNDS ARE NOT AN INDICATION OF ITS FUTURE
           PERFORMANCE.

             YOU SHOULD READ AND UNDERSTAND THE CONTENTS OF THE PROSPECTUS
           AND, IF NECESSARY, CONSULT THEIR ADVISER(S).

              UNIT PRICES AND DISTRIBUTIONS PAYABLE, IF ANY, MAY GO DOWN AS WELL
           AS UP.

             FOR INFORMATION CONCERNING CERTAIN RISK FACTORS WHICH SHOULD BE
           CONSIDERED BY PROSPECTIVE INVESTORS, SEE “RISK FACTORS” COMMENCING
           ON PAGE 30.




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RISK FACTORS

General Risk Of Investing In A Shariah Based Unit Trust Fund      30


Specific Risks Associated To The Funds                            34




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               4. Risk Factors

               Investing in a unit trust fund enables you to enjoy the benefit and advantage of diversifying
               your investments and assets. As with all investments, however, there are related risks.


               Risks, though, are not necessarily bad or negative. They are something to be aware of
               and to be managed. Proper risk management accommodates investment volatility. This
               part of the Prospectus describes some benefits and risks typical to the unit trust funds
               and how those risks are managed.



               GENERAL RISK OF INVESTING IN A SHARIAH-BASED UNIT
               TRUST FUND

               Market Risk


               Market risk refers to potential losses that may arise from changes in the market prices
               of the investments. The changes may be specific to the individual security or its issuer
               or factors affecting all securities traded in the market or a combination of all. It may be
               caused by various factors, among others are movement of interest rates, volatility of the
               stocks, foreign exchange rates and share prices. The very nature of a Shariah-based unit
               trust fund, however, helps mitigate this risk because a fund would generally hold a well-
               diversified portfolio of Shariah-compliant securities from different geographical areas so
Risk Factors




               that the collapse of any one Shariah-compliant security or any one geographical area
               would not impact too greatly on the value of the fund.


               Liquidity Risk


               Liquidity refers to the ease of converting an investment into cash without incurring an overly
               significant loss in value. If a unit trust fund has a large portfolio of Shariah-compliant stocks
               issued by smaller companies, the relatively less liquid nature of those Shariah-compliant
               stocks can cause the value of the fund to drop; this is because there are generally less
               ready buyers of such Shariah-compliant stocks as compared with the Shariah-compliant
               stocks of larger and more established companies. This risk is managed by taking greater
               care in Shariah-compliant stock selection and diversification.


               Islamic Futures Contracts Risk


               There are risks associated with the participation of the funds in Islamic futures contracts.
               The most prominent risk would be the effects of gearing. As trading of Islamic futures is
               conducted on an initial margin basis, a relatively small price movement in an Islamic futures
               contract may result in an immediate and substantial loss or gain for the funds.

                                              30_Customer Service: 03-2332 1000
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Interest Rate Risk


Interest rate risk is a general risk affecting both conventional and Shariah-based unit trust
funds. The reason for this is because a high level of interest rates will inevitably affect
corporate profits and this will have an impact on the value of both Shariah-compliant
equity and sukuk.


This risk is crucial in a sukuk fund since sukuk portfolio management depends on
forecasting interest rate movements. Demand of sukuk move inversely with interest rate
movements therefore as interest rates rise, the demand of sukuk decrease and vice versa.
Furthermore, sukuk with longer maturity and lower profit rates are more susceptible to
interest rate movements.


Credit/Default Risk


Shariah-compliant investments are subject to credit/default risk in the event that the
issuer of the instrument is faced with financial difficulties, which may decrease their credit
worthiness. This in turn may lead to a default in the payment of principal and profit.


Stock Risk or Issuer Risk




                                                                                                 Risk Factors
This risk refers to the individual risk of the respective companies issuing the Shariah-
compliant securities. Specific risk includes but is not limited to changes in consumer
tastes and demand, legal suits, competitive operating environments, changing industry
conditions and management omissions and errors. However, this risk is minimised through
investing in a wide range of Shariah-compliant companies in different sectors and thus
function independently from one another.


Management Company Risk


There is the risk that the management company may not adhere to the investment
mandate of the respective fund. Poor management of the fund may also jeopardise the
investment of unit holders through the loss of their capital invested in the fund. With
close monitoring by the investment committee, back office system being incorporated
with limits and controls, and regular reporting to the senior management team, the
management company is able to manage such risk. Separately, the trustee has an oversight
function over management of the fund by the management company to safeguard the
interests of unit holder.




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               Inflation Risk


               Purchasing power is reduced by inflation and if the rate of inflation is constantly higher
               than the rate of returns on investments, the eventual true value of investments could be
               negative and this may affect the value of a fund.


               Loan Financing Risk


               This risk occurs when you take a loan/financing provided by any financial institution
               to finance your purchase of unit trusts. In the event that the investment falls below a
               certain level, the bank may require additional collateral, which you are unable to afford.
               In addition, you may not be able to fulfil the instalment obligations due to unforeseen
               circumstances.


               Other factors to consider, for instance: -
               •	 the	higher	the	margin	of	financing,	the	greater	the	potential	for	losses	as	well	as	
                  gains;
               •	 if	loan/financing	taken	is	a	variable	rate	loan/financing,	and	if	interest/profit	rate	rises,	
                  the total repayment/payment amount will thus increase; and
               •	 if	 unit	 prices	 were	 to	 fall	 beyond	 a	 certain	 level,	 the	 investor	 will	 need	 to	 top	 up	
                  additional amounts either in cash or collateral. If the topping-up is not made within
Risk Factors




                  the prescribed time, his/her units may be sold to settle the financing.


               It is advisable that an Islamic financing is used to purchase the units of a Shariah-based
               unit trust fund.


               Country Risk


               This risk refers to changes and developments in regulations, politics and the economy of
               the country. The investments may be affected by uncertainties in the investing country
               such as currency fluctuations, international political developments, restrictions on foreign
               investment and currency repatriation, changes in governmental policies, changes in
               taxation and other developments in the laws and regulations of countries. In addition, the
               reduced availability of public information, the legal infrastructure and the lack of uniform
               accounting, auditing and financial reporting standards or other regulatory practices and
               requirements may reduce the degree of investor protection afforded. Some of the Shariah-
               compliant securities may also be subjected to government taxes or incur higher custodian
               expenses which may reduce the yield on such Shariah-compliant securities. Investing into
               various markets will however mitigate the country risk of the portfolio.


                                                32_Customer Service: 03-2332 1000
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Currency Risk

This risk is associated with investments denominated in foreign currencies. The NAV of
a unit trust fund will be lower if the foreign currency in which the Shariah-compliant
securities are denominated moves unfavourably against Ringgit Malaysia.

Risk of Non-Compliance

Non-adherence with laws, rules, regulations, prescribed practices, internal policies and
procedures may result in tarnished reputation, limited business opportunities and reduced
expansion potential for the management company. Unit holders’ investment goals may
also be affected should the fund manager not adhere to the investment mandate. Such
risk is mitigated by the compliance unit of the management company which oversees
the entire compliance matters of the management company.

Reclassification of Shariah Status Risk

The risk that the currently held Shariah-compliant securities in the portfolio of Shariah-
based funds may be reclassified to be Shariah non-compliant upon review of the securities
by the SACSC performed twice yearly or the Dow Jones Islamic Market Asia Pacific ex-
Japan Index (PRUasia pacific Shariah equity fund). If this occurs, the value of the fund may
be adversely affected where the Manager will take the necessary steps to dispose of such




                                                                                               Risk Factors
securities in accordance with the SACSC’s and/or Shariah Advisers’ advice.

Islamic Derivative Risk

While the use of Islamic derivatives can be beneficial, Islamic derivatives involve risks
that are different from and may be greater than traditional securities investments. Some
of the risks associated with Islamic derivatives are market risk, management risk, credit
risk, liquidity risk and leverage risk. As such, it is essential that investments in Islamic
derivatives be monitored closely.

Operational Risk

The performance of the Fund depends on the proper functioning of our systems and
processes both internal and external. An unforeseen disruption of such systems and
processes, including that resulting from a market disruption or system interruption, may
result in a delay in transactions involving the Fund which may in turn have a detrimental
effect on the performance of the Fund. We should also be prepared for, and have the
necessary resources to manage, any internal operational issues arising from this investment,
including receipt of principal and returns.


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               SPECIFIC RISKS ASSOCIATED TO THE SHARIAH BASED UNIT
               TRUST FUNDS

                            Market     Stock or      Interest Rate            Credit/      Liquidity
                             Risk    Issuer Risk          Risk              Default Risk      Risk

               PRUdana
               al-ilham

               PRUdana
               al-islah

               PRUdana
               wafi

               PRUdana
               dinamik

               PRUislamic
               income
               fund

               PRUasia
               pacific
Risk Factors




               Shariah
               equity
               fund




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SPECIFIC RISKS ASSOCIATED TO THE SHARIAH BASED UNIT
TRUST FUNDS

             Reclassification of             Currency         Country
             Shariah Status Risk               Risk             Risk

PRUdana
al-ilham

PRUdana
al-islah

PRUdana
wafi

PRUdana
dinamik

PRUislamic
income
fund

PRUasia
pacific




                                                                        Risk Factors
Shariah
equity
fund




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               Market Risk


               The very nature of a Shariah-based unit trust fund, however, helps mitigate this risk because
               the Fund would generally hold a well-diversified portfolio of Shariah-compliant securities
               from different market sectors that the collapse of any one Shariah-compliant security or
               any one market sector would not impact too greatly on the value of the Fund.


               Stock Risk or Issuer Risk


               Stock risk or issuer risk refers to the individual risk of the respective companies issuing the
               Shariah-compliant securities. The risk is minimised by investing in a wide range of Shariah-
               compliant securities of companies in different sectors as well as investing in a wide range
               of Shariah-based collective investment schemes that will in turn invest in wide range of
               Shariah-compliant securities and thus function independently from one another.


               Interest Rate Risk


               Sukuk are subject to interest rate fluctuations with longer maturity and lower profit rates
               sukuk being more susceptible to such interest rate movements. In general, the demand
Risk Factors




               for sukuk move inversely with interest rate movements, therefore demand for sukuk fall
               when interest rates rise and vice versa. To address the interest rate risk, we will seek to
               diversify the Fund’s portfolio into sukuk with varying maturity periods.


               Credit/Default Risk


               Shariah-compliant investments are subject to adverse changes in the financial condition
               of the issuer, the general economic conditions and/or unanticipated rise in interest rates.
               These changes may:


               •	 lower	 the	 credit	 quality	 of	 a	 Shariah-compliant	 securities	 leading	 to	 greater	 price	
                   volatility and potentially lower liquidity; and/or
               •	 impair	the	ability	of	an	issuer	to	make	payments	of	profit	and	principal	in	respect	of	
                   its obligations thereby increasing the potential for default of the said securities.


               High quality Shariah-compliant securities and sukuk are generally believed to have a
               relatively low degree of credit risk. We will seek to invest in high quality Shariah-compliant
               securities and sukuk to mitigate the credit/default risk.

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Liquidity Risk


The sukuk market is considered to be less liquid as compared to the share market. We
will seek to minimise this risk by taking greater care in Shariah-compliant stock selection
and diversification.


Reclassification Of Shariah Status Risk


The risk that the currently held Shariah-compliant securities in the portfolio of Shariah-
based funds may be reclassified to be Shariah non-compliant upon review of the securities
by the SACSC performed twice yearly or the Dow Jones Islamic Market Asia Pacific ex-
Japan Index (PRUasia pacific Shariah equity fund). If this occurs, the value of the fund may
be adversely affected where the Manager will take the necessary steps to dispose of such
securities in accordance with the SACSC’s and/or Shariah Advisers’ advice.


Currency Risk


This risk is associated with investments denominated in foreign currencies; the NAV of
the Fund expressed in Malaysian Ringgit may be affected favourably or unfavourably by




                                                                                               Risk Factors
exchange control regulations or changes in the exchange rates between the Malaysian
Ringgit and such other currencies. This risk is minimized through investing in a wide range
of foreign currencies denominated assets or investing in Islamic derivatives contracts to
hedge against any foreign currency exposure and thus, diversifying the risk of single
currency exposure.


Country Risk


The NAV of the Fund may be affected by uncertainties such as currency fluctuations,
international political developments, restrictions on foreign investment and currency
repatriation, changes in governmental policies, changes in taxation and other developments
in the laws and regulations of countries in which investment may be made. In addition, the
reduced availability of public information, the legal infrastructure and the lack of uniform
accounting, auditing and financial reporting standards or other regulatory practices and
requirements may reduce the degree of investor protection afforded. Some of the Shariah-
compliant securities may also be subjected to government taxes or incur high custodian
expenses which may reduce the yield on such Shariah-compliant securities. Investing into
various Asia-Pacific markets will however mitigate the country risk of the portfolio.

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               The above should not be considered to be an exhaustive list of the risks which
               you should consider before investing into the Fund. You should be aware that an
               investment in the Fund may be exposed to other risks of an exceptional nature
               from time to time.



               RISK MANAGEMENT STRATEGIES

               All investments have an element of risk which could result in losses arising from the price
               volatilities of securities affected by the activities of individual companies, and general
               market and economic conditions. We constantly monitor market liquidity and daily market
               valuations closely with an aim to manage risks such as Credit and Issuer risks.


               Our Compliance unit oversees the entire compliance matters with an aim to ensure that
               the Fund is managed adhering with laws, rules, regulations, prescribed practices, internal
               policies and procedures. This helps to mitigate of risk of non-compliance which may lead
               to reputation being tarnished and possible limited business opportunities.


                  YOU SHOULD RELY ON YOUR OWN EVALUATION TO ASSESS THE MERITS AND
Risk Factors




               RISKS OF AN INVESTMENT. YOU SHOULD READ AND UNDERSTAND THE CONTENTS
               OF THE PROSPECTUS AND, IF NECESSARY, CONSULT YOUR ADVISER(S).




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                           Prudential Islamic Master Prospectus




THE FUNDS

Investment Philosophy                                             40


Objectives, Investment Policies and Strategies Of The Fund        40


Fund Category, Type and Performance Indicator                     46


Permitted Investments                                             47


Investment Restrictions And Limits                                51


Valuation Of The Fund                                             62


Policy On Gearing                                                 65




                                                                       Risk Factors




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                                         Prudential Islamic Master Prospectus



            5. The Funds
            This part of the Prospectus sets out details of our Investment Policies and the Fund’s
            investment objective, strategy, permitted investments and investment restrictions.



            INVESTMENT PHILOSOPHY

            We believe our disciplined, valuation driven investment style can generate superior long-
            term returns.


            In the emerging markets where majority of asset markets are not reasonably efficient,
            sufficient pricing inefficiencies do exist to make active portfolio management worthwhile.
            Asset prices are driven by fundamentals, and deviations from the equilibrium represent
            investment opportunities. Our aim is to exploit these periodic opportunities at both the
            asset allocation and stock selection level, focusing on value investing to achieve profit
            maximization whilst minimizing risk. We aim for a high degree of consistency in long
            term performance for all funds, whilst adhering to strict and professional investment
            guidelines, which comply with internationally recognized standards.


            We believe that our disciplined approach of consistently monitoring stocks and the
            implementation of a systematic process of identifying potential gems, supported by an
            in-house research team gives us an added advantage to generate superior long-term
            returns.


            By imputing conservative assumptions to our earnings forecasts, ensures that our
            in-house valuation target is achievable, but at the same time we are not eliminating
            potential opportunities by taking calculated risk in periods of volatility that tend to be
            event driven.


            We aim for a high degree of consistency in long term performance for all funds, whilst
The Funds




            adhering to strict and professional investment guidelines, which comply with internationally
            recognized standards.



            OBJECTIVES, INVESTMENT POLICIES AND STRATEGIES OF THE
            FUNDS

            PRUdana al-ilham


            The investment objective of PRUdana al-ilham is to seek to provide high capital
            appreciation from Shariah-compliant investments which have the potential of substantial

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value appreciation*. It is designed to provide investors with an affordable access into a
diversified investment portfolio containing undervalued stocks with good growth potential
and which adhere to Shariah requirements. The Fund is primarily suited for investors who
are sensitive to requirements of the Shariah, seek high capital appreciation and have a
moderate to high tolerance for risks and price volatility.


During the term of this Prospectus, the Fund shall invest 0% - 99% of its NAV in Shariah-
compliant equities and equity-related securities.


We shall review the need to maintain Shariah-based liquid assets based on history of
redemptions and if necessary, shall consult the Trustee on the liquidity level required to meet
potential redemption. We adopt an active investment strategy in managing this Fund.


* High returns are generally associated with high investment risks.


PRUdana al-islah


The investment objective of PRUdana al-islah is to seek to provide a stable income stream
and an opportunity for capital appreciation from Shariah-compliant fixed income and
Shariah-compliant equity securities. It is designed to provide investors with an affordable
access into a diversified investment portfolio containing sukuk and Shariah-compliant
equities which provide a stable income stream. The Fund is primarily suited for investors
who are sensitive to requirements of the Shariah and prefer more stable investment returns
than those provided by growth funds. It is also suitable for those who are conservative
with a need for receiving steady income.


During the term of this Prospectus, the Fund shall invest 0%-99% of its NAV in sukuk.
The Fund may also invest up to 30% of its NAV in Shariah-compliant equities and equity
related securities.
                                                                                                  The Funds




We shall review the need to maintain Shariah-based liquid assets based on history of
redemptions and if necessary, shall consult the Trustee on the liquidity level required to meet
potential redemption. We adopt an active investment strategy in managing this Fund.


PRUdana wafi


The investment objective of PRUdana wafi is to seek to generate a stable income by
investing in Shariah-compliant fixed income securities. It is designed to provide investors
with an affordable access into a diversified portfolio of Islamic debentures. The Fund


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            is primarily suited for investors who prefer more stable investment returns than those
            provided by equity and balanced funds. It is also suitable for those who are conservative
            with a need towards receiving steady income.


            During the term of this Prospectus, the Fund shall invest at least 75% of its NAV in sukuk
            with minimum credit rating of BBB or P3 by RAM or its equivalent. The Fund may also
            invest up to 100% of its NAV in sukuk issued by the Government, Government agencies
            and/or Bank Negara Malaysia.


            We shall review and if necessary, shall consult the Trustee on the level of Shariah-based
            liquid assets to be maintained based on the history of redemption. We adopt an active
            investment strategy in managing this Fund.


            PRUdana dinamik


            The investment objective of PRUdana dinamik is to seek to provide capital appreciation
            by actively investing in Shariah approved equity and equity related securities that comply
            with Shariah requirements. For defensive consideration, the Fund may invest in Shariah
            approved sukuk and money market instruments.


            During the term of this Prospectus, the Fund may invest up to 100% of its NAV in sukuk
            and equity-related securities. For defensive considerations, the Fund may invest all its
            assets in sukuk and Islamic money market instruments. The investment strategies may
            include the following:


            •	 The	Fund	shall	lock	in	profit/gains	when	the	market	value	of	the	invested	Shariah-
               compliant equities has increased by 30%. This mechanism is subject to review as we
               deem fit from time to time. Circumstances contributing to the review include changes
               in the stock market developments and conditions.
The Funds




            •	 The	Fund	shall	invest	in	sukuk,	which	have	remaining	maturity	period	of	not	more	
               than 365 days, which is subject to the review as we deem fit from time to time.
               This allows the flexibility for the Fund to switch to Shariah-compliant equities when
               conditions are conducive, for example during a bullish stock market period.
            •	 At	any	one	point	in	time,	the	Fund	may	hold	100%	of	its	NAV	in	cash	and	other	
               forms of Shariah-based liquid assets.




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We have absolute discretion to completely or partially invest in any type of
securities afore-mentioned so as to maximize the returns.


The Fund may hold Shariah-based liquid assets to meet its normal day-to-day operations
needs. When the Fund’s holding in Shariah-compliant equities increases in value due to
capital appreciation, it may reach 99% of the Fund’s NAV, leaving the balance in Shariah-
based liquid assets (i.e. 1%). Should the stock market continue to rise, the Fund’s holding
in Shariah-compliant equities may touch 100% of its NAV even though the Shariah-based
liquid assets in the portfolio remain intact. This is merely a mathematical rounding factor.
We should not be forced to sell off Shariah-compliant equities in order to fulfil a specified
and pre-determined liquid asset level because the stock market experiences a bull run.


We shall review the need to maintain Shariah-based liquid assets based on history of
redemptions and if necessary, shall consult the Trustee on the liquidity level required to
meet potential redemption.


PRUislamic income fund


The investment objective of the PRUislamic income fund is to seek to provide a steady
income stream by investing in Islamic money market instruments and short-term
debentures which are Shariah compliant.


During the term of this Prospectus, the Fund may invest up to 99% of its NAV in Shariah-
compliant instruments with portfolio maturing within 365 days and up to 10% of its NAV
in Shariah-compliant instruments with portfolio maturity exceeding 365 days but not more
than 732 days, with a minimum of 1 % in cash or other Shariah-based liquid assets.


The minimum credit rating of Islamic money market instruments that the Fund shall
invest in is at least BBB for long-term instruments or P2 for short-term papers. Should the
                                                                                                The Funds




ratings be downgraded below the stated minimum credit rating, we shall dispose off the
papers within the reasonable time frame taking into consideration of market condition
and factors at that point of time.


We shall review and if necessary, shall consult the Trustee on the level of liquid assets
to be maintained based on the history of redemption. We adopt an active investment
strategy in managing this Fund.




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            PRUasia pacific Shariah equity fund


            The investment objective of the PRUasia pacific Shariah equity fund is to seek medium to
            long-term capital appreciation by investing primarily in Shariah-compliant undervalued
            companies with potential re-rating in the Asia Pacific ex-Japan region. A company may
            be re-rated for example, when it secures a large/substantial contract or a likelihood of an
            expansion of price-earning ratio. We gather such information on corporate developments
            from fund houses’ dailies, websites of stock exchanges and our regional offices globally.
            We will then identify companies with improving quarterly earnings compared with market
            consensus for any potential earnings upgrade.


            To achieve this objective, the Fund will mainly be adopting a bottom up approach in its
            investment, with no benchmark constraint.


            It has the flexibility to pick stocks across countries and industries that comply with the
            Shariah requirements and include, but are not limited to, Shariah-compliant Asia Pacific
            equities quoted on any of the following recognized Asia Pacific ex-Japan exchanges:


            •	   Hong	Kong,	
            •	   Singapore,	
            •	   Taiwan,	
            •	   South	Korea,	
            •	   Australia,	
            •	   New	Zealand,	
            •	   India,	
            •	   China	(Shanghai	and	Shenzhen),	
            •	   Malaysia,	
            •	   Thailand,	
            •	   Indonesia	and	
The Funds




            •	   Philippines.	


            The investments of the Fund may also include, but are not limited to, American Depository
            Receipts (ADRs) and Global Depository Receipts (GDRs), China ‘A’ shares, Islamic papers
            issued by listed and unlisted Asia Pacific ex-Japan companies, Sukuk issued domestically
            and exchange traded derivatives (index and stock).




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   WE MAY BE ENTITLED TO RECEIVE AND/OR ENTER INTO SOFT COMMISSION
ARRANGEMENTS IN RESPECT OF THE FUND. WE WILL COMPLY WITH THE
APPLICABLE REGULATORY REQUIREMENTS ON SOFT COMMISSIONS.


   THE SOFT COMMISSION ARRANGEMENTS RELATE ESSENTIALLY TO THE USE OF
RESEARCH REPORTS TO BE PROVIDED BY CITI INVESTMENT RESEARCH FOR THE
PURPOSE OF EVALUATING THE SUITABILITY OF SPECIFIC ETFS FOR INVESTMENT.
THE RESEARCH REPORT SHALL BE USED FOR THE BENEFIT OF THE FUND WE
MANAGED.


   TEMPORARY DEFENSIVE POSITIONS


To help achieve the Fund’s objective, if and when we consider that market, economical,
political or other conditions are adverse to the Fund, we may take a temporary defensive
position in attempting to respond to those conditions. This defensive position may take the
form of a temporary reduction in the holdings of the investments affected by the adverse
conditions and the short-term replacement thereof with investments which we consider
may better preserve the value of the Fund although not necessarily meeting entirely the
growth objective of the Fund. Such defensive position may also include maintaining a
maximum 100% in liquid assets/cash and/or cash equivalent assets. When this happens,
the declared asset allocation of the Fund will necessarily be altered.


We may also, for the purposes of protecting the Fund from what we consider to be
market, economical, political or other conditions adverse to the Fund, invest some of the
Fund’s assets into Shariah-compliant derivatives instruments such as Shariah-compliant
futures contracts solely for hedging purposes.
                                                                                              The Funds




   ANY MATERIAL CHANGE TO THE INVESTMENT OBJECTIVE OF THE FUND
WOULD REQUIRE YOUR APPROVAL.




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            FUND CATEGORY, TYPE AND PERFORMANCE INDICATOR
            Name of        Category/Type       Performance Indicator
            Funds          of Fund

            PRUdana        Islamic Equity /    FBMS
            al-ilham       Growth              Benchmark performance shown is calculated based on
                                               percentage change of the 408 component stocks of
                                               FBMS for the period under review.
                                               Source: www.bursamalaysia.com

            PRUdana        Islamic Fixed   RAM quant shop MGS Short Index
            al-islah       Income / Income 78% (RAM qs MGS Short Index) + 22% FBMS

                                               78% of the benchmark performance is calculated
                                               based on the percentage change of the RAM qs MGS
                                               Short Index while the remaining 22% is based on
                                               the percentage change of the FBMS for the period
                                               under review.

                                               Source: www.quantshop.com

            PRUdana wafi   Islamic Bond /      RAM quant shop MGS Medium Index
                           Income              Source: www.quantshop.com

            PRUdana        Islamic Equity /    (a) If 100% of the Fund’s NAV invested in Shariah-
            dinamik        Growth &            compliant equities
                           Income              FBMS
                                               Based on percentage change of FBMS for the
                                               period under review.

                                               (b) If 100% of the Fund’s NAV invested in sukuk and
                                               Islamic money market instruments
                                               12-month Maybank (GIA) Tier II rate
                                               12-month Maybank (GIA) Tier II rate
                                               Based on the yield of 12-month Maybank (GIA) Tier
The Funds




                                               II rate.

                                               (c) If invested in a mix of Shariah-compliant equities,
                                               sukuk and Islamic money market instruments
                                               50% FBMS + 50% 12-month Maybank GIA Tier
                                               II rate
                                               50% of the benchmark performance is calculated
                                               based on the percentage change of the FBMS while the
                                               other half is based on the yield of 12-month Maybank
                                               GIA Tier II rate for the period under review.

                                               Source: www.bursamalaysia.com and
                                               www.maybank2u.com.my

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FUND CATEGORY, TYPE AND PERFORMANCE INDICATOR
 Name of           Category/Type        Performance Indicator
 Funds             of Fund

 PRUislamic        Islamic Money        Bank Islam Overnight REPO
 income fund       Market / Income      Source: www.bankislam.com.my

 PRUasia pacific   Shariah Equity /     Dow Jones Islamic Market Asia Pacific ex-Japan Index
 Shariah equity    Growth               Source: Bloomberg
 fund



PERMITTED INVESTMENTS
Unless otherwise prohibited by the relevant authorities or any relevant law and provided
always that there are no inconsistencies with the objective of the Fund, the followings
are permitted under each of our funds’ Deed to invest.

 Permitted          Shariah-compliant       Unlisted Shariah-         Islamic futures contracts
 Investment         securities traded       compliant securities      and options traded in
                    on eligible markets     approved or exempt        the futures and options
                    and approved stock      stock market declared     market of an exchange
                    exchanges               by the Minister under     approved under the
                                            the Capital Markets       Capital Markets and
                                            and Services Act          Services Act 2007 for
                                            2007, which are           hedging purposes
                                            offered directly to the
                                            scheme

 PRUdana
 al-ilham

 PRUdana
 al-islah
                                                                                                  The Funds




 PRUdana wafi

 PRUdana
 dinamik

 PRUislamic
 income fund

 PRUasia pacific
 Shariah equity
 fund


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            PERMITTED INVESTMENTS
            Unless otherwise prohibited by the relevant authorities or any relevant law and provided
            always that there are no inconsistencies with the objective of the Fund, the followings
            are permitted under each of our funds’ Deed to invest.

             Permitted          Government Investment            Ringgit-denominated       Sukuk
             Investment         Issues (GII), Islamic            Shariah-based deposits
                                Accepted Bills, Bank             with licensed financial
                                Negara Negotiable Notes,         institutions including
                                Cagamas Mudharabah               Islamic Negotiable
                                Bonds and any other              Instruments (INIs)
                                government Islamic
                                papers


             PRUdana
             al-ilham

             PRUdana
             al-islah

             PRUdana wafi

             PRUdana
             dinamik

             PRUislamic
             income fund

             PRUasia pacific
             Shariah equity
             fund
The Funds




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PERMITTED INVESTMENTS
Unless otherwise prohibited by the relevant authorities or any relevant law and provided
always that there are no inconsistencies with the objective of the Fund, the followings
are permitted under each of our funds’ Deed to invest.

 Permitted          Other tradable             Units or shares in other   Islamic
 Investment         Islamic money-             Shariah-based collective   debentures
                    market instruments         investment scheme
                    in the money
                    market

 PRUdana
 al-ilham

 PRUdana
 al-islah

 PRUdana wafi

 PRUdana
 dinamik

 PRUislamic
 income fund

 PRUasia pacific
 Shariah equity
 fund
                                                                                           The Funds




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            PERMITTED INVESTMENTS
            Unless otherwise prohibited by the relevant authorities or any relevant law and provided
            always that there are no inconsistencies with the objective of the Fund, the followings
            are permitted under each of our funds’ Deed to invest.

             Permitted          Placements of        Shariah-compliant         Any other form of
             Investment         Shariah-based        securities in             investments as may be
                                deposits with        approved foreign          agreed upon by the
                                licensed financial   markets, subject to       Trustee and us from time
                                institutions         the limit as may be       to time and approved by
                                                     prescribed by the         the relevant authorities,
                                                     relevant authorities      where necessary and
                                                     from time to time         which comply with
                                                                               Shariah requirements

             PRUdana
             al-ilham

             PRUdana
             al-islah

             PRUdana wafi

             PRUdana
             dinamik

             PRUislamic
             income fund

             PRUasia pacific
             Shariah equity
             fund
The Funds




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INVESTMENT RESTRICTIONS AND LIMITS

To protect your interests as investors and Unit Holders and to help ensure that there is no
straying from declared objectives, the SC has issued guidelines on investment restrictions
and limits. The PRUdana al-ilham, PRUdana al-islah, PRUdana wafi, PRUdana dinamik,
PRUislamic income fund and PRUasia pacific Shariah equity fund will also be managed
in accordance with Shariah requirements as well as the following list of investment
restrictions and limits, unless otherwise revised by the SACSC and/or the Shariah Adviser
from time to time:


PRUdana al-ilham & PRUdana dinamik


•	 The	value	of	the	Fund’s	holding	in	ordinary	Shariah-compliant	shares	issued	by	any	
    single issuer must not exceed 10% of the fund’s NAV;
•	 The	 value	 of	 the	 Fund’s	 holding	 in	 unlisted	 Shariah-compliant	 securities	 must	 not	
    exceed 10% of the fund’s NAV;
•	 The	value	of	the	Fund’s	holding	in	transferable	Shariah-compliant	securities	and	Islamic	
    money market instruments issued by any single issuer must not exceed 15% of the
    fund’s NAV;
•	 The	value	of	the	Fund’s	placement	in	Shariah-based	deposits	with	any	single	institution	
    must not exceed 20% of the fund’s NAV;
•	 The	aggregate	value	of	the	Fund’s	holding	in	transferable	Shariah-compliant	securities,	
    Islamic money market instruments, Shariah-based deposits, OTC Islamic derivatives
    and Islamic structured products issued by or placed with any single issuer/institution
    must not exceed 25% of the fund’s NAV;
•	 The	value	of	the	Fund’s	holding	in	units/Shariah-compliant	shares	of	any	Shariah-based	
    collective investment scheme must not exceed 20% of the fund’s NAV;
                                                                                                   The Funds




•	 The	value	of	the	Fund’s	holding	in	transferable	Shariah-compliant	securities	and	Islamic	
    money market instruments issued by any group of companies must not exceed 20%
    of the fund’s NAV;
•	 The	Fund’s	holding	in	transferable	Shariah-compliant	securities	(other	than	Islamic	
    debentures) must not exceed 10% of the Shariah-compliant securities issued by any
    single issuer;
•	 The	 Fund’s	 holding	 in	 Islamic	 debentures	 must	 not	 exceed	 20%	 of	 the	 Islamic	
    debentures issued by any single issuer;




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            •	 The	Fund’s	holding	in	Islamic	money	market	instruments	must	not	exceed	10%	of	
                the instruments issued by any single issuer;
            •	 The	Fund’s	holding	in	Shariah-based	collective	investment	schemes	must	not	exceed	
                25% of the units/Shariah-compliant share in any Shariah-based collective investment
                scheme.
            •	 There	will	be	no	restriction	or	limits	for	securities	issued	or	guaranteed	by	the	Malaysian	
                Government or Bank Negara Malaysia;
            •	 The	 Fund	 shall	 hold	 Shariah-based	 liquid	 assets	 to	 meet	 its	 normal	 day-to-day	
                operations needs, as determined by the Manager in consultation with the Trustee.


            PRUdana al-islah & PRUdana wafi


            •	 The	value	of	the	Fund’s	holding	in	Islamic	debentures	issued	by	any	single	issuer	must	
                not exceed 20% of the fund’s NAV;
            •	 The	single	issuer	limit	may	be	increased	to	30%	if	the	Islamic	debentures	are	rated	
                by any domestic or global rating agency to be of the best quality and offer highest
                safety for timely payment of profit and principal;
            •	 The	value	of	the	Fund’s	holding	in	Islamic	debentures	issued	by	any	one	group	of	
                companies must not exceed 30% of the Fund’s NAV;
            •	 There	 will	 be	 no	 restriction	 or	 limits	 for	 Shariah-compliant	 securities	 issued	 or	
                guaranteed by the Malaysian Government or Bank Negara Malaysia;
            •	 The	Fund’s	holding	in	transferable	Shariah-compliant	securities	(other	than	Islamic	
                debentures) must not exceed 10% of the Shariah-compliant securities issued by any
                single issuer;
            •	 The	 Fund’s	 holding	 in	 Islamic	 debentures	 must	 not	 exceed	 20%	 of	 the	 Islamic	
                debentures issued by any single issuer;
            •	 The	Fund’s	holding	in	Islamic	money	market	instruments	must	not	exceed	10%	of	
The Funds




                the instruments issued by any single issuer;
            •	 The	Fund’s	holding	in	Shariah-based	collective	investment	schemes	must	not	exceed	
                25% of the units/Shariah-compliant share in any Shariah-based collective investment
                scheme.
            •	 The	 Fund	 shall	 hold	 Shariah-based	 liquid	 assets	 to	 meet	 its	 normal	 day-to-day	
                operations needs, as determined by the Manager in consultation with the Trustee.




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PRUislamic income fund


•	 The	value	of	the	Fund’s	holding	in	permitted	investments	traded	on	an	eligible	market	
    must not be less than 90% of the Fund’s NAV;
•	 The	value	of	the	Fund’s	holdings	in	permitted	investments	which	have	a	remaining	
    maturity period of not more than 365 days must not be less than 90% of the Fund’s
    NAV;
•	 The	value	of	the	Fund’s	holding	in	permitted	investments	which	have	a	remaining	
    maturity period of more than 365 days but fewer than 732 days must not exceed
    10% of the Fund’s NAV;
•	 The	 value	 of	 the	 Fund’s	 holding	 in	 Islamic	 debentures	 and	 Islamic	 money	 market	
    instruments issued by any single issuer must not exceed 20% of the Fund’s NAV;
•	 The	single	issuer	limit	above	may	be	increased	to	30%	if	the	Islamic	debentures	are	
    rated by any domestic or global rating agency to be of the best quality and offer
    highest safety for timely payment of profit and principal;
•	 The	value	of	the	Fund’s	placement	in	Shariah-based	deposits	with	any	single	licensed	
    institution must not exceed 20% of the Fund’s NAV;
•	 The	 value	 of	 the	 Fund’s	 holding	 in	 Islamic	 debentures	 and	 Islamic	 money	 market	
    instruments issued by any group of companies must not exceed 30% of the Fund’s
    NAV;
•	 The	 Fund’s	 holding	 in	 Islamic	 debentures	 must	 not	 exceed	 20%	 of	 the	 Shariah-
    compliant securities issued by any single issuer;
•	 The	Fund’s	holding	in	Islamic	money	market	instruments	must	not	exceed	20%	of	
    the instruments issued by any single issuer;
•	 The	Fund’s	holding	in	Shariah-based	collective	investment	schemes	must	not	exceed	
    25% of the units/Shariah-compliant share in any Shariah-based collective investment
    scheme.
                                                                                                 The Funds




•	 There	will	be	no	restriction	or	limit	for	securities	issued	or	guaranteed	by	the	Malaysian	
    Government or Bank Negara Malaysia; and
•	 The	 Fund	 shall	 hold	 Shariah-based	 liquid	 assets	 to	 meet	 its	 normal	 day-to-day	
    operations needs, as determined by the Manager in consultation with the Trustee.




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            PRUasia pacific Shariah equity fund


            •	 The	value	of	the	Fund’s	holding	in	ordinary	Shariah-compliant	shares	issued	by	any	
                single issuer must not exceed 10% of the fund’s NAV;
            •	 The	 value	 of	 the	 Fund’s	 holding	 in	 unlisted	 Shariah-compliant	 securities	 must	 not	
                exceed 10% of the fund’s NAV;
            •	 The	value	of	the	Fund’s	holding	in	transferable	Shariah-compliant	securities	and	Islamic	
                money market instruments issued by any single issuer must not exceed 15% of the
                fund’s NAV;
            •	 The	value	of	the	Fund’s	placement	in	Shariah-based	deposits	with	any	single	institution	
                must not exceed 20% of the fund’s NAV;
            •	 The	aggregate	value	of	the	Fund’s	holding	in	transferable	Shariah-compliant	securities,	
                Islamic money market instruments, Shariah-based deposits, OTC derivatives and
                structured products issued by or placed with any single issuer/institution must not
                exceed 25% of the fund’s NAV;
            •	 The	value	of	the	Fund’s	holding	in	units/Shariah-compliant	shares	of	any	collective	
                investment scheme must not exceed 20% of the fund’s NAV;
            •	 The	value	of	the	Fund’s	holding	in	transferable	Shariah-compliant	securities	and	Islamic	
                money market instruments issued by any group of companies must not exceed 20%
                of the fund’s NAV;
            •	 The	Fund’s	holding	in	transferable	Shariah-compliant	securities	(other	than	Islamic	
                debentures) must not exceed 10% of the Shariah-compliant securities issued by any
                single issuer;
            •	 The	 Fund’s	 holding	 in	 Islamic	 debentures	 must	 not	 exceed	 20%	 of	 the	 Islamic	
                debentures issued by any single issuer;
            •	 The	Fund’s	holding	in	Islamic	money	market	instruments	must	not	exceed	10%	of	
                the instruments issued by any single issuer;
The Funds




            •	 The	Fund’s	holding	in	collective	investment	schemes	must	not	exceed	25%	of	the	
                units/Shariah-compliant share in any collective investment scheme.
            •	 There	will	be	no	restriction	or	limits	for	securities	issued	or	guaranteed	by	the	Malaysian	
                Government or Bank Negara Malaysia;
            •	 The	 Fund	 shall	 hold	 Shariah-based	 liquid	 assets	 to	 meet	 its	 normal	 day-to-day	
                operations needs, as determined by the Manager in consultation with the Trustee.




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     ONCE THE RELEVANT LIMIT IS BREACHED, NO FURTHER ACQUISITION OF
THE PARTICULAR SECURITIES INVOLVED SHALL BE MADE. WE SHALL, WITHIN A
REASONABLE PERIOD OF NOT MORE THAN THREE (3) MONTHS FROM THE DATE OF
BREACH, TAKE ALL NECESSARY STEPS AND ACTIONS TO RECTIFY THE BREACH.



SHARIAH INVESTMENT GUIDELINES ADOPTED BY IBFIM FOR
PRUdana al-ilham, PRUdana al-islah, PRUdana wafi, PRUdana
dinamik, AND PRUislamic income fund (“the Funds”)

The following are adopted by IBFIM in determining the Shariah status of equity investments
of the Funds.


Local Securities:


Quantitative Analysis


1) Based on the opinions of the SC and most International Shariah Advisory Boards,
     IBFIM excludes companies which main business activities involved the following:


a) Conventional financial services;
b) Gambling and gaming;
c)   Manufacture or sale of non-halal products or related products (e.g. pork and
     liquor);
d) Manufacture or sale of tobacco-based products or related products;
e) Pornography;
f)   Weaponry;
                                                                                             The Funds




g) Entertainment activities that are not permitted by the Shariah; and
h) Other activities deemed non-permissable according to the Shariah.


2) IBFIM deduces the following and ensure that they do not exceed the Shariah tolerable
     benchmarks:


a) Interest income over total income and interest income over profit before tax not
     exceeding 5%;




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            b) Income contribution from mixed activity which involve Shariah-prohibited elements
                 such as interest-based businesses, conventional banks, insurance, gambling, liquor
                 and pork over total income and profit before tax not exceeding 5%;
            c)   Income contribution from mixed activity which involve tobacco and tobacco-related
                 businesses over total income and profit before tax not exceeding 10%;
            d) Mixed rental income contribution from Shariah non-compliant activities over total
                 income and profit before tax not exceeding 20%; and
            e) Income contribution from mixed activity which involve businesses such as hotel and
                 resorts, share trading and stock broking over total income and profit before tax not
                 exceeding 25%.


            Should any of the above deductions fail to satisfy the benchmarks, IBFIM will not accord
            a Shariah-compliant status for the company.


            Qualitative Analvsis


            IBFIM shall look into the aspects of general public perception of the company’s image,
            core business which is considered important and maslahah (beneficial) to the Muslim
            ummah and the country, the non-permissible elements are very small and involve matters
            like umum balwa (common plight and difficult to avoid), ‘uruf (custom) and rights of the
            non-Muslim community which are accepted by the Shariah.


            Foreign Securities:


            Quantitative Analysis


            1) Similar to the opinions of most Shariah Advisory Boards, IBFIM excludes companies
The Funds




                 with the following business activities:


            a) Conventional financial services;
            b) Gambling and gaming;
            c)   Manufacture or sale of non-halal products or related products (e.g. pork and
                 liquor);
            d) Manufacture or sale of tobacco-based products or related products;
            e) Pornography;
            f)   Weaponry;


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g) Entertainment activities that are not permitted by the Shariah; and
h) Other activities deemed non-permissible according to the Shariah.


2) IBFIM deduces financial ratios of the following and ensure that they do not exceed
     the benchmarks*:


a) Interest income over total income;
b) Total debt including all interest-bearing loans/debentures and their respective
     payables such as short term/long term debts, short term/long term debentures and
     all debentures payables divided by total assets;
c)   Total sum of company’s cash and interest bearing instruments divided by total assets;
     and
d) Total account receivables including trade receivables divided by total assets.


* These benchmarks are set in accordance with the opinions of majority Shariah scholars
and may vary in accordance with the development of Islamic Finance. Should any of
the calculation fail to satisfy the benchmarks, IBFIM will not accord a Shariah-compliant
status for the company.


Qualitative Analysis


IBFIM shall look into the aspects of general public perception of the company’s image,
core business which is considered important and maslahah (beneficial) to the Muslim
ummah and the country, the non-permissible elements are very small and involve matters
like umum balwa (common plight and difficult to avoid), ‘uruf (custom) and rights of the
non-Muslim community which are accepted by the Shariah.
                                                                                             The Funds




Local Sukuk:


Based on the list of sukuk readily available at the Securities Commission website.


Foreign Sukuk:


IBFIM will review the information memoranda or prospectuses of the sukuk, its structure,
utilisation of proceeds, Shariah contracts, etc.




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            Cleansing/purification process for the Funds


            1. Cleansing process for the Funds


            a) Wrong Investment


            Refers to Shariah non-compliant investment made by the Fund Manager. The said
            investment will be disposed/withdrawn of with immediate effect. In the event of the
            investment resulted in gain (through capital gain and/or dividend), the gain is to be
            channelled to baitulmal or any other charitable bodies as advised by the Shariah Adviser.
            If the disposal of the investment resulted in losses to the Fund, the losses are to be borne
            by the Fund Manager.


            All costs incurred during the acquisition and disposal process, either the investment
            resulted in either gain or losses, are to be borne by the Fund Manager.


            b) Reclassification of Shariah Status of the Funds’ Investment


            A security which was reclassified as Shariah non-compliant by the Shariah Advisory Council
            of the Securities Commission (“SACSC”). As per the SACSC’s advice, the said security
            will be disposed soonest practical, once the total amount of dividends received and the
            market value held equal the original investment costs.


            Any capital gains arising from the disposal of the Shariah non-compliant security made
            at the time of the announcement can be kept by the Fund. However, any excess capital
            gains derived from the disposal after the announcement day at a market price that is
            higher than the closing price on the announcement day is to be channelled to baitumal
The Funds




            or any charitable bodies as advised by the Shariah Adviser.


            2.   Purification process for the Funds


            a) Zakat for the Funds


            The Funds do not pay zakat on behalf of Muslim individuals and Islamic legal entities who
            are investors of the Funds. Thus, investors are advised to pay zakat on their own.




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SHARIAH INVESTMENT GUIDELINES ADOPTED BY AMANIE
BUSINESS SOLUTIONS SDN BHD

The Fund shall be, at all times, investing in activities and instruments that are allowed under
Shariah principles and shall not be investing in activities and instruments that are prohibited
under Shariah principles based on the Shariah Adviser’s established parameters.


For local securities, we will first identify the securities which are Shariah-compliant based
on the list of securities approved by the SACSC or any prevailing Shariah Authority in
Malaysia. The Shariah Adviser will then review the securities we propose to ensure that
the investments of the Funds are in compliance with the Shariah Adviser’s established
parameters.


We adopt a strict selection process when investing in securities listed on the Dow Jones
Islamic Market Asia Pacific ex-Japan Index; we will internally screen the portfolio and invest
only in the securities set out in the approved list provided to us on a monthly basis by
the Dow Jones Islamic Market Asia Pacific ex-Japan Index to ensure that only appropriate
securities are bought.


When investing in securities other than those listed on the Dow Jones Islamic Market Asia
Pacific ex-Japan Index, we will provide the Shariah Adviser a list of securities for screening
purposes of Shariah compliance certification before we make any investments for the
Fund. All the necessary documents with the latest information pertaining to business
activities, financial statements and other related information will be submitted to the
Shariah Adviser for Shariah stock screening process based on international standards
and best practices.


To ensure strict compliance with Shariah requirements, this list of Shariah-compliant
                                                                                                  The Funds




securities will be submitted to the Shariah Adviser on an on-going basis, where securities
in the list will be reviewed for inclusion / exclusion from the list.


A particular security may change its status from being “Shariah compliant” to become
“Shariah non- compliant” due to certain factors such as reverse takeover, mergers and
acquisitions, which may result in that company’s business activities to be non-compliant
with the Shariah. Should a particular security become Shariah non-compliant; the Fund
shall exit its position or dispose the security within a specified time frame as approved
and determined by the Shariah Adviser.


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            The Fund is precluded from investing in transferable securities that comprise but not
            limited to any of the following criteria:


            •	 Companies	involved	in	“haram”/	prohibited	activities,	such	as	interest-based	banking,	
               gambling, alcohol etc; and
            •	 Companies	with	high	leverage,	interest-bearing	securities	or	accounts	receivables.


            The Fund shall comply with the following investment guidelines in that, the investments
            will not be made in companies whose core activities involve any of the following:


            •	 Conventional	Financial	Institutions	based	on	Interest	(Riba)	or	Uncertainty	(Gharar);	


                This includes all interest-based conventional banks, finance houses, insurers,
                moneylenders, investment companies, leasing companies, stock brokerages, futures
                and options houses and other interest related businesses. However, these do not
                include financial institutions which exclusively promote or provide Shariah based
                financial services.


            •	 Alcoholic	Beverages;


                This includes the production, packaging, bottling, marketing, selling and/or distribution
                of liquor and related products. Investments may not be made in production facilities
                (for example breweries).


            •	 Gaming	/	Gambling	/	Casino	/	Games	of	chance;


                This includes the provision of these services and betting or comparable activities as
                well as the production of the facilities and equipment.
The Funds




            •	 Pork	production;	


                This includes the raising or selling of pork or pork-derived products and by-products,
                the packaging, marketing and distribution of such products as well as slaughterhouses
                and livestock farms that are involved in such processes.




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•	 Non-halal	food	products;	


    This includes the production, sale, packaging or distribution of non-halal food.


•	 Entertainment	and	leisure	related	to	pornography	or	adult	content;	


    This includes film producers, broadcasters, publishers, cinemas, cable-TV companies,
    night-clubs and places of entertainment, record/music companies that are associated
    with pornographic, X-rated or adult content. This also includes distributors and
    marketers of such contents.


•	 Prostitution,	unisex	massage	parlours,	escort	and	related	entertainment	services;
•	 Activities	whose	images	are	deemed	to	be	offensive	or	contrary	to	the	teachings	of	
    Islam;
•	 Weapons	and	arms	sector;
•	 Any	other	activities	that	are	deemed	non-permissible	by	the	Shariah	Adviser.


For foreign securities, in addition to the unacceptable primary business activities, there are
several financial ratios that a company has to meet in order to be qualified as a Shariah-
compliant transferable security. The financial criteria are as follows:


•	 Total	debt	divided	by	trailing	12-month	average	market	capitalization	must	be	less	
    than 33%;
•	 The	 sum	 of	 a	 company’s	 cash	 and	 interest-bearing	 securities	 divided	 by	 trailing	
    12-month average market capitalization must be less than 33%;
•	 Accounts	receivables	divided	by	trailing	12-month	market	capitalization	must	be	less	
    than 45%.
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            Purification/cleansing of cash dividends


            Shariah-compliant securities which are reclassified as Shariah non-compliant upon review
            by the Shariah Advisory Council of the Securities Commission will render the securities
            to be disposed off should their market value exceed the original investment cost on the
            announcement day. For the purpose of purification/cleansing of the funds, any capital
            gain arising from the disposal of the Shariah non-compliant securities made at the time
            of the announcement day can be kept. However, any excess capital gain derived from
            the disposal after the announcement day at a market price that is higher than the closing
            price on the announcement day must be channelled to charitable bodies.



            VALUATION OF THE FUND

            PRUdana al-ilham, PRUdana al-islah, PRUdana wafi and PRUislamic income fund


            Unit trust funds are generally valued in accordance with their respective asset class.


            In respect of investments of the Fund in listed Shariah-compliant securities (including
            suspended counters), which are quoted on a stock exchange, valuation will be based on the
            last done market price of the Shariah-compliant securities which is the price at the end of
            a particular business day. Accordingly, investments of the Fund in listed Shariah-compliant
            securities which are quoted in the Bursa Malaysia will be valued as at 5.00 p.m. or such time
            as may be specified by the SC. In the case of newly subscribed issues e.g. Shariah-compliant
            rights and warrants which have not yet been traded, valuation shall be at cost.


            Investments in unlisted Shariah-compliant securities will be valued at book cost or at a
The Funds




            valuation made by the auditor of the Fund and approved by the Trustee and qualified to
            value such investments.


            Investments in unquoted sukuk will be based on a daily basis using fair value prices
            quoted by a bond pricing agency registered with the SC. An example of such an agency
            is Bond Pricing Agency Malaysia Sdn Bhd. If we are of the view that the price quoted
            by the bond pricing agency differs from the market price by more than 20 basis points,
            we may use the market price provided that we record the basis for not using the bond
            pricing agency price, obtain the necessary internal approvals for not using the bond


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pricing agency price and that we keep an audit trail of all the decisions and basis for
adopting the market yield. Investment in foreign sukuk, either market value or in the
absence of reliable market quotation, the average indicative price obtained from at least
3 independent dealers will be used. Valuation on foreign sukuk will be done on at least
a weekly basis. These methods of valuation are verified by the auditor of the Fund and
approved by the Trustees.


The valuation of each unit or share in any Shariah-based collective investment scheme will
be based on the valuation point of such Shariah-based collective investment scheme that
is the last published repurchased price per unit or share of such Shariah-based collective
investment scheme.


Investments such as Islamic Accepted Bills and Shariah-based deposits placed with banks
or other financial institutions are valued each day by reference to the value of such
investments and the profits accrued thereon for the relevant period.


Other Shariah-compliant debt securities and Islamic money market instruments, valuation
will be performed at least on a weekly basis. These methods of valuation are verified by
the Auditors of the Fund and approved by the Trustees.


For Islamic money market instruments, valuation shall be performed at least on a daily
basis by reference to the value of such investment as provided by the bank or the financial
institution that issues the investment.


Investment in Islamic futures contracts e.g. KLCI futures, Three-Month KLIBOR futures
traded on Bursa Malaysia Derivatives will be “marked to market” at the end of each
Business Day.
                                                                                              The Funds




The Fund must be valued at least once every Business Day. The Fund adopts a forward
pricing basis which means that prices of Units will be calculated based on the NAV of the
Fund at a valuation point in the future.




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            PRUasia pacific Shariah equity fund


            As the value of the Fund’s investments at the close of a Business Day will only be known
            the following Business Day (because the investments of the Fund are in foreign markets),
            the valuation of the Fund in respect of a particular Business Day can only be done the
            following Business Day (T + 1).


            Accordingly, if applications for Units or requests for redemption are received before the
            cut-off time of 4 pm on a Business Day, say, Tuesday, the price of Units in respect of those
            applications and requests will be calculated based on the valuation of the Fund done at
            5.00 p.m. on Wednesday (if this is the following Business Day).


            Prices of Units will be published on the day following the valuation which resulted in
            those prices. In respect, therefore, of applications for Units or requests for redemption
            received before the cut-off time of 4 pm on the Business Day of, say, Tuesday, it will be
            the prices published on Thursday which will apply to those applications and requests
            (assuming Wednesday was a Business Day) (T + 2).


            You may contact us directly to know the latest prices of Units. This only applies to funds
            invested in foreign securities.
The Funds




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POLICY ON GEARING

The Fund is not permitted to borrow cash or other assets (including the borrowing of
securities within the meaning of the Guidelines on Securities Borrowing and Lending)
in connection with its activities. However the Fund may borrow cash for the purpose
of meeting repurchase requests for Units and such borrowings are subjected to the
following:
•	 the	 Fund’s	 borrowing	 is	 only	 on	 a	 temporary	 basis	 and	 that	 borrowings	 are	 not	
    persistent;
•	 the	borrowing	period	should	not	exceed	a	month;
•	 the	aggregate	borrowings	of	the	Fund	should	not	exceed	10%	of	the	Fund’s	NAV	at	
    the time the borrowing is incurred; and
•	 the	Fund	may	only	borrow	from	licensed	financial	institutions.


   THERE CAN BE NO ASSURANCE THAT THE INVESTMENT OBJECTIVES OF THE
RESPECTIVE FUNDS WILL BE REALISED. YOU SHOULD RELY ON YOUR OWN
EVALUATION TO ASSESS THE MERITS AND RISKS OF AN INVESTMENT. YOU
SHOULD READ AND UNDERSTAND THE CONTENTS OF THE PROSPECTUS AND, IF
NECESSARY, CONSULT YOUR ADVISORS.


ANY MATERIAL CHANGES TO THE RESPECTIVE FUNDS’ INVESTMENT OBJECTIVE
WOULD REQUIRE UNIT HOLDERS’ APPROVAL.


Note: We consider 1 to 3 years as short-term, 3 to 5 years as medium-term, and
above 5 years as long term.
                                                                                                 The Funds




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PERFORMANCE OF THE FUNDS

Financial Highlights                                               68


Distribution Records                                               69


Portfolio Turnover Ratio                                           71


Asset Allocation                                                   73



HISTORICAL FINANCIAL HIGHLIGHTS OF THE FUND

Historical Financial Highlights Of The Fund                        75


Management Expense Ratio                                           87




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             6. Performance Of The Funds
             FINANCIAL HIGHLIGHTS

             Average Total Return of the Funds

             As at 31 March 2009 (%)
                                                     1-Year       3-Year         5-Year    Since inception

             PRUdana al-ilham                        (23.86)         9.13         1.93            9.34
             PRUdana al-islah                         (3.86)         0.79         1.17            5.39
             PRUdana wafi                              2.84          2.95         3.78            3.41
             PRUislamic income fund                    2.66            -            -             2.04

             As at 30 September 2008 (%)

                                                     1-Year       3-Year         5-Year    Since inception

             PRUdana dinamik                         (13.00)         11.08        7.83           5.91
             PRUasia pacific Shariah equity fund     (23.49)           -            -          (23.49)

             Benchmark performance is not available.

             Annual Total Return of the Funds

             As at 31 March (%)

                                          2003      2004       2005      2006       2007     2008        2009

             PRUdana al-ilham            24.53*    31.24 (12.50)        (5.25)     42.70      8.54 (23.86)
             Benchmark                    3.37     25.08 (6.81)          3.28      36.28      5.68 (31.97)
             PRUdana al-islah            17.33*     9.49   1.03          2.43       6.43      4.88  (3.86)
             Benchmark                    3.14      2.48   3.16          3.34      11.07      4.04  (2.74)
             PRUdana wafi                   -         -   0.14*          5.55       5.45      3.06   2.84
             Benchmark                      -         -   11.93          4.12       5.38      3.45   4.85
             PRUislamic income fund         -         -      -             -          -      1.42*   2.66
             Benchmark                      -         -      -             -          -       2.50   2.46


             As at 30 September (%)

                                                           2004       2005        2006     2007          2008

             PRUdana dinamik                               (0.15)*     1.32       6.21     35.17     (13.00)
             Benchmark                                       1.62      3.71       4.16     25.16     (11.67)
             PRUasia pacific Shariah equity fund               -         -          -        -      (23.49)*
             Benchmark                                         -         -          -        -       (32.73)
Financials




             * Since inception until financial year end.


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The returns are calculated based on NAV-to-NAV plus the income distribution (if any)
of the Fund.


For the financial year ended 31 March,
•	 The	PRUdana al-ilham outperformed the benchmark in year 2003, 2004, 2007, 2008
    and 2009; it underperformed benchmark in year 2005 and 2006.
•	 The	 PRUdana al-islah outperformed benchmark in year 2003, 2004 and 2008, it
    underperformed benchmark in year 2005, 2006, 2007 and 2009.
•	 The	PRUdana wafi underperformed benchmark in 2005, 2008 and 2009, however it
    outperformed benchmark in 2006 and 2007 respectively.
•	 The	PRUislamic income fund underperformed benchmark in both 2008 and 2009.


For the financial year ended 30 September,
•	 The	PRUdana dinamik underperformed benchmark in the years 2004, 2005 and 2008,
    but outperformed benchmark in 2006 and 2007.
•	 The	PRUasia pacific Shariah equity fund outperformed benchmark in its first financial
    year end in 2008.


DISTRIBUTION RECORDS
                                     PRUdana         PRUdana            PRUdana      PRUislamic
                                     al-ilham         al-islah            wafi       income fund

(i) For financial year ended             Nil             Nil               Nil            Nil
31 March 2009

(ii) For financial year ended            Nil        3.3 sen per         2 sen per         Nil
31 March 2008                                           unit               unit

(iii) For financial year ended           Nil             Nil            2 sen per         NA
31 March 2007                                                              unit


                                                     PRUdana              PRUasia pacific Shariah
                                                      dinamik                  equity fund

(i) For financial year ended                             Nil                        Nil
30 September 2008

(ii) For financial year ended                            Nil                        N/A
30 September 2007
                                                                                                    Financials




(iii) For financial year ended                           Nil                        N/A
30 September 2006

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             DETAILS OF PAST DISTRIBUTIONS

             Distribution to Unit Holders was from the following sources:


             PRUdana al-islah

                                                              2008              2007     2006
                                                             RM’000            RM’000   RM’000

             Distribution equalisation
             Dividend income                                     75              -       163
             Profit income                                      397              -       585
             Gains on sales of investment                       960              -        48
             Total Income                                      1,432             -       796
             Less:
             Expenses                                          (433)             -       (246)
             Taxation                                           (34)             -        (23)

             Previous year realised gain                                                1,189
             Net distribution                                  965               -      1,716
             Gross distribution per unit (sen)                 3.30              -       3.00
             Net distribution per unit (sen)                   3.19                      2.95


             PRUdana wafi

                                                              2008              2007     2006
                                                             RM’000            RM’000   RM’000

             Distribution equalisation                         (319)            889       NA
             Profit from sukuk                                  660              -         -
             Profit from Shariah-based deposit                   81              -         -
             Gains on sales of investments                      124              -         -
             Total Income                                       546             889        -
             Less:
             Expenses                                          (237)           (181)       -
             Taxation                                             -               -        -
                                                                309             708        -
             Previous year realised gain                        354            1,009       -
             Net distribution                                   663            1,717       -
             Gross distribution per unit (sen)                  2.00            2.00       -
             Net distribution per unit (sen)                    2.00            2.00       -
Financials




             All the income distributions are made in the form of cash.


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Composition of Income Distribution


Income distribution is made from realised capital gains (net of realised losses) and realised
income. Capital gains are realized when investments are disposed off at a profit.


Realised income is income from profit, accretion of discounts net of amortisation of
amount paid on sukuk and dividend income from Shariah-compliant share equities as
well as distribution equalisation arising from the creation/release price of units.


Income distribution is calculated based on the number of units in circulation in a Fund at
the end of the distribution period for that Fund.


Payment of Distribution


Income distribution shall be paid soonest possible within 1 month period from the date
of declaration of the distribution.


Portfolio Turnover Ratio


The Portfolio Turnover Ratio indicates the frequency of turnover for a particular Fund in
any given calendar year. It is calculated by taking the average of acquisitions and disposals
of Shariah-compliant securities divided by the average value of the Fund for the year
calculated on a daily basis.


The Portfolio Turnover Ratio is calculated as follows:


                       (Total acquisitions for the year + total disposals for the year) ÷ 2
Portfolio Turnover =
                       Average value of the Fund for the year calculated on a daily basis
                                                                                                Financials




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             Portfolio Turnover Ratios for all the Funds are as follows:


             Name of Funds             As at          As at          As at         As at       As at
                                     31.3.2009      31.3.2008      31.3.2007     31.3.2006   31.3.2005
             PRUdana al-ilham           1.95           0.79           0.92         0.68        0.52
             PRUdana al-islah           0.51           2.75           1.63         1.68        1.54
             PRUdana wafi               0.65           3.08           4.72         2.48         NA
             PRUislamic income fund 0.67               1.26            NA           NA          NA



             Name of Funds             As at          As at          As at         As at       As at
                                     30.9.2008      30.9.2007      30.9.2006     30.9.2005   30.9.2004
             PRUdana dinamik            1.27           0.76           0.81         0.63        0.46
             PRUasia pacific
             Shariah equity fund        1.68            NA             NA           NA          NA


             The Portfolio Turnover Ratio registered by PRUdana al-islah was higher in 2009 compared
             to 2008 due to the increase in trading activities. PRUdana al-ilham and PRUdana wafi
             chartered a lower Portfolio Turnover Ratio in 2009 compared to 2008 due to the
             decline in trading activities. The lower PTR chartered by PRUislamic income fund in 2009
             compared to 2008 was due to the investment strategy to invest in money market for
             liquidity purposes.


             The PRUdana dinamik chartered a higher PTR in 2008 compared to 2007 due to a decrease
             in fund size. No comparison is made for PRUasia pacfic Shariah equity fund as its first
             financial year end was on 30 September 2008.
Financials




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ASSET ALLOCATION

The asset allocation for the following Funds as at the financial year end of the fund is
tabulated below:


Securities       PRUdana al-   PRUdana al-     PRUdana      PRUislamic
sector/type         ilham         islah          wafi         income
                31 March 2009 31 March 2009 31 March 2009 31 March 2009
                      %            %             %              %

Trading &
  services           28.46                 5.18                     -          -
Industrial
  products           4.18                    -                      -          -
Constructions        5.16                  1.01                     -          -
Consumer
  products            0.89                   -                      -          -
Plantation           17.42                 2.78                     -          -
Properties            8.64                   -                      -          -
Infrastructure       10.04                 1.29                     -          -
Finance               0.47                   -                      -          -
Shariah-              0.36                   -                      -          -
  compliant
  Warrants
Sub-total            75.62                10.26                 -            -
Sukuk                  -                  71.04               88.34          -
Cash and             24.38                18.70               11.66        100.00
  Shariah-based
  liquid assets
Totals              100.00               100.00               100.00       100.00
                                                                                           Financials




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             Securities                                                        PRUasia pacific
             sector/type                                   PRUdana dinamik    Shariah equity fund
                                                            30 Sept 2008        30 Sept 2008
                                                                 %                    %

             Trading & services                                   19.65              6.03
             Conglomerate                                           -                1.32
             Healthcare                                             -                1.73
             Iron & steel                                           -                1.07
             Material                                               -                7.48
             Manufacturing                                          -                0.85
             Other electronics                                      -                2.58
             semiconductors                                         -                5.62
             Technology                                             -                1.18
             Telecommunication services                             -               15.96
             Transportations                                        -                3.38
             Utilities                                              -                1.45
             Industrial products                                  4.17              11.53
             Constructions                                        7.64                 -
             Consumer products                                    0.73              11.39
             Plantation                                           7.01                 -
             Properties                                           2.00                 -
             Infrastructure                                       4.21                 -
             Finance                                              0.28               3.64
             Sub-total                                            45.69             75.21
             Sukuk                                                36.65                -
             Cash and Shariah-based liquid assets                 17.67             24.79
             Totals                                              100.00            100.00


               PAST PERFORMANCE OF THE FUNDS IS NOT AN INDICATION OF FUTURE
             PERFORMANCE.
Financials




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7. Historical Financial Highlights Of The Fund
PRUdana al-ilham


The extract of the financial results of PRUdana al-ilham based on the audited financial
statements for the financial years ended 31 March 2009, 31 March 2008 and 31 March
2007 are as follows:


INCOME STATEMENT


                                                         2009           2008         2007
                                                          RM             RM           RM


INVESTMENT INCOME
Gross dividend income                              1,525,000         835,867     1,640,806
Profit income from Shariah-based deposits            217,836          84,249        79,433
Net realised (loss)/gains on sale of Shariah-
 compliant investments                           (1,970,556)        6,899,437    5,521,530
Net realised gains on foreign exchange                     -            1,122            -
                                                   (227,720)        7,820,675    7,241,769
EXPENSES
Management fee                                       663,599         644,415      693,517
Trustee’s fee                                         30,968          30,073       24,719
Auditors’ remuneration                                 5,670           6,800        5,500
Tax agent’s fee                                        3,100           3,100        5,100
Administrative expenses                               28,247          51,903       62,825
                                                     731,584         736,291      791,661


NET (LOSS)/INCOME BEFORE TAXATION                  (959,304)        7,084,384    6,450,108
TAXATION                                             192,864         (151,130)    (318,183)


INCREASE/(DECREASE) IN NET ASSETS
 ATTRIBUTABLE TO UNITHOLDERS                     (1,152,168)        6,933,254    6,131,925


Net income after taxation is made up
 of the following:
Realised amount                                  (1,152,168)        6,933,254


Net income before taxation is made up
 of the following:
                                                                                              Financials




Realised amount                                                                  6,450,108


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             STATEMENT OF ASSETS AND LIABILITIES


                                                                       2009           2008         2007
                                                                        RM             RM           RM


             INVESTMENTS
             Quoted Shariah-compliant investments              30,517,949 40,076,708          30,015,218


             OTHER ASSETS
             Receivables                                           313,061        7,040,799      693,412
             Tax recoverable                                        69,351          128,706    1,257,620
             Shariah-based deposits with
             licensed financial institutions                   10,400,000 3,091,766            1,550,000
             Cash and bank balances                                12,603     79,259              35,383
                                                               10,795,015 10,340,530           3,536,415
             TOTAL ASSETS                                      41,312,964 50,417,238          33,551,633


             LIABILITIES
             Taxation payable                                            -               -     1,151,548
             Payables                                              957,429         459,454     1,289,863


             LIABILITIES (EXCLUDING NET ASSETS
              ATTRIBUTABLE TO UNITHOLDERS)                         957,429         459,454     2,441,411


             NET ASSETS ATTRIBUTABLE TO
              UNITHOLDERS                                      40,355,535 49,957,784          31,110,222


             REPRESENTED BY
             Fair value of outstanding units                   40,355,535 49,957,784          31,110,222


             NUMBER OF UNITS IN CIRCULATION                    58,815,133 55,440,000          37,471,000


             NET ASSET VALUE PER UNIT                               0.6861          0.9011       0.8302


             Note:
             The Shariah Adviser confirms that the investment portfolio of PRUdana al-ilham comprises
             securities which have been classified as Shariah-compliant by the Shariah Advisory Council
             of the Securities Commission (“SACSC”). As for the securities which are not certified
Financials




             by the SACSC, they have reviewed the said securities and opine that these securities are
             designated as Shariah-compliant.

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PRUdana al-islah

The extract of the financial results of PRUdana al-islah based on the audited financial
statements for the financial years ended 31 March 2009, 31 March 2008 and 31 March
2007 are as follows:

INCOME STATEMENT

                                                        2009           2008        2007
                                                         RM             RM          RM

INVESTMENT INCOME
Gross dividend income from quoted
 Shariah-compliant investments                      117,594          74,309     274,306
Profit income from Shariah-based deposits            74,211          88,491      70,777
Profit income from sukuk                            617,241         308,560     780,564
Net realised (losses)/gains on sale of quoted
 Shariah-compliant investments                  (1,048,813)        1,359,201      306,311
Net accretion of discounts on sukuk                  67,606          214,564       61,853
Realised (loss)/gain on redemption of sukuk               -                -    (482,460)
                                                  (172,161)        2,045,125   1,011,351
EXPENSES
Management fee                                      265,369         269,136      368,225
Trustee’s fee                                        12,384          18,000       18,000
Auditors’ remuneration                                5,400           6,000        5,500
Tax agent’s fee                                       3,100           5,100        5,100
Administrative expenses                              19,785          25,112       32,106
Impairment loss on investments                            -               -      619,388
                                                    306,038         323,348    1,048,319
NET (LOSS)/INCOME BEFORE
 FINANCE COST AND TAXATION                        (478,199)        1,721,777    (36,968)

FINANCE COST
Nil (2008: Net distribution of 3.19 sen
 (Gross: 3.30 sen) per unit)                              -        (964,624)           -
NET (LOSS)/INCOME AFTER TAXATION                  (478,199)          757,153    (36,968)

TAXATION                                               5,995         (7,684)    (45,538)
(DECREASE)/INCREASE IN NET ASSETS
 ATTRIBUTABLE TO UNITHOLDERS                      (472,204)         749,469     (82,506)

Net income after taxation is made
 up of the following:
Realised amount                                   (458,109)         658,949
Unrealised amount                                   (14,095)         90,520
                                                  (472,204)         749,469
Net income before taxation is made
 up of the following:
Realised amount                                                                 (84,181)
                                                                                            Financials




Unrealised amount                                                                 47,213
                                                                                (36,968)

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             STATEMENT OF ASSETS AND LIABILITIES


                                                                     2009         2008          2007
                                                                      RM           RM            RM


             INVESTMENTS
             Quoted Shariah-compliant investments             1,709,911 2,467,191          3,958,845
             Sukuk                                           11,840,550 16,117,519        10,679,450
                                                             13,550,461 18,584,710        14,638,295
             OTHER ASSETS
             Receivables                                         668,335        629,698      326,213
             Tax recoverable                                      46,275         63,265      247,339
             Shariah-based deposits with
              a licensed financial institution                2,470,000 2,142,806          1,450,000
             Bank balance with a licensed bank                   19,254     21,415            45,640
                                                              3,203,864 2,857,184          2,069,192
             TOTAL ASSETS                                    16,754,325 21,441,894        16,707,487


             LIABILITIES
             Taxation payable                                          -              -      191,890
             Payables                                             88,049         73,133       66,349
             LIABILITIES (EXCLUDING NET ASSETS
              ATTRIBUTABLE TO UNITHOLDERS)                        88,049         73,133      258,239


             NET ASSETS ATTRIBUTABLE TO
              UNITHOLDERS                                    16,666,276 21,368,761        16,449,248


             REPRESENTED BY:
             Fair value of outstanding units                 16,666,276 21,368,761        16,449,248


             NUMBER OF UNITS IN CIRCULATION                  27,130,262 33,448,262        25,689,000


             NET ASSET VALUE PER UNIT                             0.6143         0.6389       0.6403


             Note:
             The Shariah Adviser confirms that the investment portfolio of PRUdana al-islah comprises
             securities which have been classified as Shariah-compliant by the Shariah Advisory Council
             of the Securities Commission (“SACSC”). As for the securities which are not certified
Financials




             by the SACSC, they have reviewed the said securities and opine that these securities are
             designated as Shariah-compliant.

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PRUdana wafi


The extract of the financial results of PRUdana wafi based on the audited financial
statements for the financial years ended 31 March 2009, 31 March 2008 and 31 March
2007 are as follows:


INCOME STATEMENT

                                                          2009         2008        2007
                                                           RM           RM          RM

INVESTMENT INCOME
Profit income from Shariah-based deposits               24,974       80,950     284,007
Profit income from sukuk                               474,980      659,709   1,286,962
Net realised (loss)/gains on sale of sukuk           (445,749)      123,997   1,402,747
Net accretion of discount on sukuk                      23,633      115,036     722,783
                                                        77,838      979,692   3,696,499
EXPENSES
Management fee                                          95,780      180,338     560,933
Trustee’s fee                                            6,705       18,000      39,265
Auditors’ remuneration                                   5,000        6,000       5,000
Tax agent’s fee                                          3,100        3,100       2,500
Administrative expenses                                 31,089       16,276      15,910
                                                       141,674      223,714     623,608
NET (LOSS)/INCOME BEFORE FINANCE
 COST AND TAXATION                                     (63,836)     755,978   3,072,891

FINANCE COST
Nil (2008: Net distribution of 2.00 sen
(Gross: 2.00 sen per unit))                                    -   (662,800) (1,717,340)

(DECREASE)/INCREASE IN NET ASSETS
 ATTRIBUTABLE TO UNITHOLDERS                           (63,836)      93,178   1,355,551

Net income after taxation is made
 up of the following:
Realised amount                                        (60,415)      90,025
Unrealised amount                                        (3,421)      3,153
                                                       (63,836)      93,178
Net income before taxation is made
 up of the following:
Realised amount                                                               3,088,970
Unrealised amount                                                               (16,079)
                                                                              3,072,891
                                                                                           Financials




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             STATEMENT OF ASSETS AND LIABILITIES


                                                                     2009         2008          2007
                                                                      RM           RM            RM


             INVESTMENTS
             Sukuk                                             5,340,360 15,188,907       19,938,360


             OTHER ASSETS
             Receivables                                         108,423        602,505      235,899
             Shariah-based deposits with a licensed
              financial institution                              600,000 2,686,605        54,090,000
             Bank balance with a licensed bank                    10,117     17,634           16,815
                                                                 718,540 3,306,744        54,342,714
             TOTAL ASSETS                                      6,058,900 18,495,651       74,281,074


             LIABILITIES
             Payables                                             13,696         30,945      163,442


             LIABILITIES (EXCLUDING NET ASSETS
              ATTRIBUTABLE TO UNITHOLDERS)                        13,696         30,945      163,442


             NET ASSETS ATTRIBUTABLE
              TO UNITHOLDERS                                   6,045,204 18,464,706       20,606,783


             REPRESENTED BY
             Fair value of outstanding units                   6,045,204 18,464,706       74,117,632


             NUMBER OF UNITS IN CIRCULATION                  11,297,735 35,485,735 141,291,000


             NET ASSET VALUE
              PER UNIT, EX-DISTRIBUTION                           0.5351         0.5203       0.5246


             Note:
             The Shariah Adviser confirms that the investment portfolio of PRUdana wafi comprises
             securities which have been classified as Shariah-compliant by the Shariah Advisory Council
             of the Securities Commission (“SACSC”). As for the securities which are not certified
             by the SACSC, they have reviewed the said securities and opine that these securities are
Financials




             designated as Shariah-compliant.


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PRUislamic income fund

The extract of the financial results of PRUislamic income fund based on the audited
financial statements for the financial year ended 31 March 2009 and 31 March 2008
are as follows:

INCOME STATEMENT

                                                                                   Financial
                                                                               period from
                                                                              08.02.2007 to
                                                                      2009       31.03.2008
                                                                       RM               RM

INVESTMENT INCOME
Profit income from Shariah-based deposits                     2,531,989            386,493
Profit income from sukuk                                         46,195             59,506
Net accretion of discount on sukuk                              308,050            366,565
                                                              2,886,234            812,564
EXPENSES
Management fee                                                     431,454         115,914
Trustee’s fee                                                       69,032          28,361
Auditors’ remuneration                                               6,000           6,000
Tax agent’s fee                                                      8,920           4,700
Administrative expenses                                             16,248           6,590
                                                                   531,654         161,565
NET INCOME BEFORE FINANCE COST
 AND TAXATION                                                 2,354,580            650,999

FINANCE COST
Gross/Net distribution of 0.08 sen (2008:Nil)                      (66,026)                -

NET INCOME BEFORE TAXATION                                    2,288,554            650,999

TAXATION                                                                  -                -

INCREASE IN NET ASSETS ATTRIBUTABLE
 TO UNITHOLDERS                                               2,288,554            650,999

Net income after taxation is made up of the following:
Realised amount                                               2,288,554            471,975
                                                                                               Financials




Unrealised amount                                                     -            179,024
                                                              2,288,554            650,999

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             STATEMENT OF ASSETS AND LIABILITIES


                                                                                 2009          2008
                                                                                  RM            RM


             INVESTMENTS
             Sukuk                                                                   -    32,822,657


             OTHER ASSETS
             Receivables                                                        27,202      121,854
             Shariah-based deposits with licensed
              financial institutions                                      41,690,000      38,902,438
             Bank balance with a licensed bank                                19,754          26,922
                                                                          41,736,956      39,051,214
             TOTAL ASSETS                                                 41,736,956      71,873,871


             LIABILITIES
             Payables                                                           33,824       46,039


             LIABILITIES (EXCLUDING NET ASSETS
              ATTRIBUTABLE TO UNITHOLDERS)                                      33,824       46,039


             NET ASSETS ATTRIBUTABLE TO UNITHOLDERS                       41,703,132      71,827,832


             REPRESENTED BY
             Fair value of outstanding units                              41,703,132      71,827,832


             NUMBER OF UNITS IN CIRCULATION                               80,235,540     141,645,594


             NET ASSET VALUE PER UNIT                                           0.5198       0.5071


             Note:
             The Shariah Adviser confirms that the investment portfolio of PRUislamic income fund
             comprises securities which have been classified as Shariah-compliant by the Shariah
             Advisory Council of the Securities Commission (“SACSC”). As for the securities which
             are not certified by the SACSC, they have reviewed the said securities and opine that
             these securities are designated as Shariah-compliant.
Financials




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PRUdana dinamik

The extract of the financial results of PRUdana dinamik based on the audited financial
statements for the financial years ended 30 September 2008, 30 September 2007 and
30 September 2006 are as follows:

INCOME STATEMENT

                                                          2008              2007          2006
                                                           RM                RM            RM

INVESTMENT INCOME
Gross dividend income                                 553,418            782,374     3,852,116
Profit income from Shariah-based deposits             137,067             97,782       327,869
Profit income from unquoted sukuk                     466,470            705,538     1,706,371
Net realised gains/(losses) on sales
 of investments                                     6,081,636         17,945,844    (9,224,264)
Net accretion of discount /(amortisation
 of premium) on unquoted sukuk                         66,748            134,566      (148,037)
Other income                                                -                  -        226,050
Realised foreign exchange gains                             -            373,765              -
                                                    7,305,339         20,039,869    (3,259,895)
EXPENSES
Management fee                                        410,863            660,346     1,879,957
Trustee’s fee                                          23,008             36,979       105,277
Auditors’ remuneration                                  6,300              6,000         6,000
Tax agent’s fee                                         3,200              3,700         6,100
Administrative expenses                                44,822             71,334        62,025
                                                      488,193            778,359     2,059,359

NET INCOME/(LOSS) BEFORE TAXATION                   6,817,146         19,261,510    (5,319,254)

TAXATION                                              (82,751)         (130,306)      (705,573)

INCREASE/(DECREASE) IN NET ASSETS
 ATTRIBUTABLE TO UNITHOLDERS                        6,734,395         19,131,204    (6,024,827)

Net income after taxation is
 made up of the following:
Realised amount                                     6,676,641         19,157,150
Unrealised amount                                      57,754            (25,946)
                                                    6,734,395         19,131,204
Net income before taxation is
 made up of the following:
Realised amount                                                                     (5,159,039)
                                                                                                   Financials




Unrealised amount                                                                      (160,215)
                                                                                      5,319,254


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             STATEMENT OF ASSETS AND LIABILITIES

                                                                    2008             2007        2006
                                                                     RM               RM          RM

             INVESTMENTS
             Quoted Shariah-compliant securities - Local 12,815,145             24,298,002 49,909,699
             Unquoted sukuk -Local                       10,275,993             11,071,219 28,127,121
                                                         23,091,138             35,369,221 78,036,820
             OTHER ASSETS
             Receivables                                    800,989               318,663     632,976
             Tax recoverable                                 35,019               238,023     218,354
             Shariah-based deposits with licensed
              financial institutions                      4,290,000              1,840,000  7,980,000
             Bank balance with a licensed bank               18,552                  7,918    169,055
                                                          5,144,560              2,404,604  9,000,385
             TOTAL ASSETS                                28,235,698             37,773,825 87,037,205

             LIABILITIES
             Payables                                           193,764           298,996    1,381,067

             LIABILITIES (EXCLUDING NET ASSETS
              ATTRIBUTABLE TO UNITHOLDERS)                      193,764           298,996    1,381,067

             NET ASSETS ATTRIBUTABLE
              TO UNITHOLDERS                                 28,041,934         37,474,829 85,656,138

             REPRESENTED BY
             Fair value of outstanding units                 28,041,934         37,474,829 85,656,138

             NUMBER OF UNITS IN CIRCULATION                  46,602,000         54,186,000 167,407,000

             NET ASSET VALUE PER UNIT                             0.6017           0.6916      0.5117

             Note:
             The Shariah Adviser confirms that the investment portfolio of PRUdana dinamik comprises
             securities which have been classified as Shariah-compliant by the Shariah Advisory Council
             of the Securities Commission (“SACSC”). As for the securities which are not certified by
             the SACSC, they have reviewed the said securities and opine that these securities are
Financials




             designated as Shariah-compliant.



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PRUasia pacific Shariah equity fund

The extract of the financial results of PRUasia pacific Shariah equity fund based on
the audited financial statements for the financial year from 22 November 2007 to 30
September 2008 is as follows:

INCOME STATEMENT

                                                                              Financial
                                                                          period from
                                                                            22.11.2007
                                                                         to 30.09.2008
                                                                                   RM

INVESTMENT INCOME
Profit income from Shariah-based deposits with licensed financial institutions 381,623
Gross dividend income                                                         1,789,383
Net realised loss on sale of investment                                     (5,225,377)
Realised foreign exchange loss                                                 (660,781)
Unrealised foreign exchange loss                                               (881,871)
                                                                            (4,597,023)
EXPENSES
Management fee                                                                1,083,269
Trustee’s fee                                                                    48,143
Auditors’ remuneration                                                             6,000
Tax agent’s fee                                                                    3,500
Administrative expenses                                                          92,916
                                                                              1,233,828

NET LOSS BEFORE TAXATION                                                    (5,830,851)

TAXATION                                                                      (103,170)

DECREASE IN NET ASSETS ATTRIBUTABLE
 TO UNITHOLDERS                                                             (5,934,021)

Net loss after taxation is made up of the following:
 Realised amount                                                            (5,052,150)
 Unrealised amount                                                            (881,871)
                                                                            (5,934,021)
                                                                                           Financials




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             STATEMENT OF ASSETS AND LIABILITIES

                                                                                        Financial
                                                                                    period from
                                                                                      22.11.2007
                                                                                   to 30.09.2008
                                                                                             RM

             INVESTMENT
             Quoted Shariah-compliant investments                                     44,238,136

             OTHER ASSETS
             Receivables                                                                 595,288
             Dividend receivable                                                         102,036
             Tax recoverable                                                               8,301
             Shariah-based deposits with licensed financial
              institutions                                                               610,000
             Bank balance with a licensed bank                                        15,234,457
                                                                                      16,550,082
             TOTAL ASSETS                                                             60,788,218

             LIABILITIES
             Payables                                                                  1,978,134

             LIABILITIES (EXCLUDING NET ASSETS
              ATTRIBUTABLE TO UNITHOLDERS)                                             1,978,134

             NET ASSETS ATTRIBUTABLE TO UNITHOLDERS                                   58,810,084

             REPRESENTED BY:
             Fair value of outstanding units                                          58,810,084

             NUMBER OF UNITS IN CIRCULATION                                          297,734,000

             NET ASSET VALUE PER UNIT                                                      0.1975



             Note:
             The Shariah Adviser confirms that the investment portfolio of PRUasia pacific Shariah
             equity fund comprises securities which have been classified as Shariah-compliant under
             the Dow Jones Islamic Market Asia Pacific ex-Japan Index.
Financials




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MANAGEMENT EXPENSE RATIO

The Management Expense Ratio (“MER”) of a Fund is the ratio of the total of all the fees
incurred in a financial year and deducted directly from the Fund (including the annual
Management Fee, the annual Trustee Fee, the Auditor’s Fees and other professional fees)
and all the expenses recovered from and/or charged to that Fund (including the costs
of printing, stationery and postage) expressed as a percentage of the average Value of
the Fund.


The MER is a useful way to compare the costs of your investment in a Fund with the costs
of other similar investments.


The MER of a Fund is calculated as follows:


                         Fees + Recoverable Expenses
MER =
            Average value of the Fund calculated on a daily basis x 100


A summary of expenses incurred by the following Funds for the year ended 31 March
2009 is tabulated below:

Fund Name             Management  Trustee                        Fund        Total Annual
                          Fee       Fee                        Expenses        Expenses
                      RM‘000 %* RM‘000 %*                     RM‘000 %*      RM‘000 %*


PRUdana al-ilham         664       1.50       31      0.07       37   0.09    732    1.65
PRUdana al-islah         266       1.50       12      0.07       28   0.17    306    1.73
PRUdana wafi              96       1.00        7      0.07       39   0.65    142    1.48
PRUislamic               432       0.50       69      0.08       31   0.07    532    0.62
income fund
                                                                                            Financials




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             A summary of expenses incurred by the following Fund for the year ended 30 September
             2008 is tabulated below:

             Fund Name             Management  Trustee                      Fund           Total Annual
                                       Fee       Fee                      Expenses           Expenses
                                   RM‘000 %* RM‘000 %*                   RM‘000 %*         RM‘000 %*


             PRUdana dinamik        664       1.50       31      0.07        37   0.09       732     1.65
             PRUasia pacific        266       1.50       12      0.07        28   0.17       306     1.73
             Shariah equity fund


             Management Expense Ratios for all the Funds are as follows:

             Name of Funds          As at 31.3.2009            As at 31.3.2008           As at 31.3.2007


             PRUdana al-ilham               1.65                      1.71                    1.72
             PRUdana al-islah               1.73                      1.68                    1.75
             PRUdana wafi                   1.48                      1.25                    1.11
             PRUislamic                     0.62                      0.79                      -
             income fund


             Name of Funds          As at 30.9.2008            As at 30.9.2007           As at 30.9.2006


             PRUdana dinamik               1.49                       1.48                    1.37
             PRUasia pacific               2.01                         -                       -
             Shariah equity fund


             There has been no significant change in the Management Expense Ratio of PRUdana al-
             ilham, PRUdana al-islah, PRUdana wafi and PRUislamic income fund in 2009 compared
             to 2008; and PRUdana dinamik in 2008 as compared to 2007.


                PAST PERFORMANCE OF THE FUND IS NOT AN INDICATION OF FUTURE
             PERFORMANCE.


                THE AUDITED FINANCIAL STATEMENTS OF THE FUNDS ARE DISCLOSED IN
             THE RESPECTIVE FUND’S ANNUAL REPORTS AND THE ANNUAL REPORTS ARE
             AVAILABLE UPON REQUEST.
Financials




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FEES, CHARGES, PRICES

Charges Directly Incurred                                            90


Fees And Expenses Indirectly Incurred                                92


Direct Expenses Related To The Funds                                 93


Other Fees And Charges                                               94


Rebates And Soft Commissions                                         95


Calculation Of Unit Prices                                           95



Transaction Information

How You Can Keep Track Of Your Investment                           101


How You Would Start Investing                                       102


Cooling-off                                                         104


Redeeming An Investment                                             105


Switching Between Funds                                             106


Transfer Of Units                                                   107


A Quick Guide On How To Buy, Sell, Switch & Transfer                108


Our Dealing In Units And Investments                                110


Income Distribution And Reinvestment Policies                       110


Unclaimed Income Policy                                             110


General Unclaimed Monies Policy                                     110




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                       8. Fees, Charges, Prices

                       This part of the Prudential Islamic Master Prospectus informs you about the fees and
                       charges involved so that you will know the costs of your investments better. It also shows
                       how units of the funds are priced to enable you to make your investment decisions more
                       carefully.


                       Costs, however, are not the only consideration with respect to investment goals. Time
                       horizons, risk tolerance and financial resources are also important factors.


                       We may, for any reason at any time, waive, or reduce the amount of any fees (except
                       for Trustee Fee) or other charges payable by you in respect of any Fund. This may apply
                       either generally (for all investors) or specifically (for any particular investor) and for any
                       period or periods of time at our discretion.



                       CHARGES DIRECTLY INCURRED

                       Below are the charges directly incurred when you purchase or sell Units:


                       Sales Charge


                       We use the Sales Charge to defray mainly advertising and promotions expenses, and
                       commissions payable to distributors and agents.

                        Name of Fund           Sales Charge

                        PRUdana al-ilham       Up to 5.26% of the NAV per Unit of the Fund
                        PRUdana al-islah

                        PRUdana wafi           Nil
                        PRUislamic income
                        fund

                        PRUdana dinamik        Up to 5.00% of the NAV per Unit of the Fund

                        PRUasia pacific        Up to 6.00% of the NAV per Unit of the Fund
                        Shariah equity fund

                       * This is the maximum rate of sales charge which each of our distribution channels can
                       impose on you.




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Sales Charge that may be imposed by our distribution channels on you are as follows:

Name of          Institutional     Retail Agents        Manager           EPF
Fund             Unit Trust
                 Agents

PRUdana          Up to 5.26%       Up to 5.26%          Up to 5.26%       Up to 3.00% of
al-ilham         o f t h e N AV    o f t h e N AV       o f t h e N AV    the NAV per Unit
PRUdana          per Unit of the   per Unit of the      per Unit of the   of the Fund
al-islah         Fund              Fund                 Fund

PRUdana wafi Nil                   Nil                  Nil               Nil
PRUislamic
income fund                                                               Not applicable.

PRUdana          Up to 5.00%       Up to 5.00%          Up to 5.00%       Up to 3.00% of
dinamik          o f t h e N AV    o f t h e N AV       o f t h e N AV    the NAV per Unit
                 per Unit of the   per Unit of the      per Unit of the   of the Fund
                 Fund              Fund                 Fund

PRUasia          Up to 6.00%       Up to 6.00% of       Up to 6.00%       Not applicable.
pacific          of NAV of the     NAV of the NAV       of NAV of the
Shariah equity   NAV per Unit      per Unit of the      NAV per Unit
fund             of the Fund       Fund                 of the Fund


You may negotiate on the Sales Charge.


For details of computation of Selling Price, refer to page 97.


Redemption Charge


PRUdana al-ilham, PRUdana al-islah, PRUdana wafi, PRUdana dinamik, PRUislamic income
fund and PRUasia pacific Shariah equity fund.


No redemption charge is levied on the redemption of Units for the above Funds.




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                       FEES AND EXPENSES INDIRECTLY INCURRED

                       Below are the fees and expenses indirectly incurred when you invest in the Funds:


                       Annual Management Fee


                       We receive annual Management Fee which is chargeable to the Funds during the term
                       of this Prudential Islamic Master Prospectus as follows:

                        Name of Fund                Annual Management Fee

                        PRUdana al-ilham            1.50% of the NAV of the Fund per annum
                        PRUdana al-islah

                        PRUdana wafi                1.00% of the NAV of the Fund per annum

                        PRUdana dinamik             1.25% of the NAV of the Fund per annum

                        PRUislamic income fund      0.50% of the NAV of the Fund per annum

                        PRUasia pacific Shariah     1.80% of the NAV of the Fund per annum
                        equity fund

                       The Annual Management Fee will be paid out of the Fund and will be calculated based
                       on the NAV of the Funds and accrued on a daily basis. We use the annual Management
                       Fee to, among others, pay staff salary, daily operational and administrative expenses.


                       For details of computation of Management Fee, refer to page 96.




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Annual Trustee Fee


The annual Trustee Fee to be charged to the Funds by the Trustee during the term of this
Prudential Islamic Master Prospectus is as follows:

 Name of Fund                 Annual Trustee Fee

 PRUdana al-ilham             0.07% on the NAV of each of the Funds respectively subject
 PRUdana al-islah             to a minimum of RM18,000 per annum
 PRUdana wafi
 PRUdana dinamik

 PRUislamic income fund       0.08% on the NAV of the Fund subject to a minimum of
 PRUasia pacific Shariah      RM18,000 per annum (excluding foreign custodian fees and
 equity fund                  charges)


The Annual Trustee Fee will be paid out of the Fund and will be calculated based on the
NAV of the Funds and accrued on a daily basis.


For details of computation of Trustee Fee, refer to page 96.



DIRECT EXPENSES RELATED TO THE FUNDS

Below is a list of expenses directly related to the Funds, which include:


•	 Commission	paid	to	brokers;
•	 Auditors’	fee;
•	 Tax	Adviser’s	fee;
•	 Valuation	fee;
•	 Taxes;
•	 Custodial	charges;
•	 Tax	vouchers;
•	 Annual/Interim	Reports;
•	 Independent	Investment	Committee	Member	fee.
•	 Shariah	Adviser’s	fee.




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                       These expenses are necessary for the business of the Funds. Only those expenses set out
                       in the Deed can be paid out of the relevant Fund.



                       OTHER FEES AND CHARGES

                       Switching Fee


                       Switching is a facility which enables you to convert the Units of one of our particular unit
                       trust funds you hold for Units of our other unit trust funds. The Units being converted
                       will be valued at the NAV of those Units.


                       Switching fee is waived for the duration of this Prospectus. For details on how to switch
                       Units between our unit trust funds, please refer to page 106.


                       Transfer Fee


                       Transfer involves the change of ownership of Units from you to another investor. No
                       transaction or transfer fee is charged for any requests to transfer Units.


                       For details on how to make a transfer, please refer to page 107.


                       Commissions Payable


                       The sales and other commissions payable to our distributors are not paid from the Funds
                       but from the Sales Charges retained by us on a sale of Units.


                       Other charges


                       In executing your transaction, certain charges may be incurred. You shall bear such
                       transaction charges, for instance bank charges, telegraphic charges and courier
                       charges. We reserve the right to vary such conditions from time to time, which shall be
                       communicated to you in writing.




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REBATES AND SOFT COMMISSIONS

It	is	our	policy	to	channel	all	rebates,	if	any,	received	from	stockbrokers/dealers	to	the	Fund.	
However, soft commissions received for goods and services which are of demonstrable
benefit to unit holders such as fundamental databases, financial wire services, technical
analysis software and stock quotation system incidental to investment management of
the Fund are retained by us.



CALCULATION OF UNIT PRICES

Valuation Point


Valuation point is the time(s) on a business day as we decide, during which the NAV of
the Fund is calculated. As the price per Unit of the Fund is determined using the forward
pricing formula, the valuation point for the NAV per unit of the Fund, based on the
valuation	of	the	Fund’s	investments,	assets	and	properties,	is	performed	at	the	end	of	a	
Business Day upon closing of the Bursa Malaysia.


For details on basis of valuation for the Funds, refer to page 62.


Single Pricing Policy


We adopt the single pricing policy in calculating your investment for and redemption of
Units. Single pricing equates to sales and redemptions quoted and transacted on a single
price (i.e., NAV per Unit). Sales charges by different distribution channels are separately
disclosed which make it easier for you to understand, compare and to make an informed
decision on the choice of investment products and the preferred distribution channel.


The daily NAV per Unit is valued at the next valuation point (i.e. the close of the Business
Day) on forward price basis.




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                       NAV of a Fund


                       The	NAV	of	the	Fund	means	the	total	value	of	the	Fund’s	investments,	assets	and	properties	
                       less	the	Fund’s	expenses	or	liabilities	incurred	or	accrued	for	the	day.


                       An illustration of the calculation of the NAV:


                       If the investments of the Fund is RM240,772,498, other assets of the Fund including cash
                       is RM18,668,352 and the liabilities is at RM2,858,986, the annual management fee and
                       trustee fee at 1.80% and 0.08% respectively at the valuation point, the NAV of the Fund
                       at that valuation point will be:


                                                                                                          RM
                              Securities Investment                                               240,772,498
                              Add: Assets (including cash)                                         18,668,352
                       Less : Liabilities                                                           2,858,986


                              NAV before deducting Management Fee and
                              Trustee Fee for the day                                             2,56,581,864


                       Less : Management Fee for the day                                               12,653
                              (at 1.80% per annum calculated based on the NAV)


                              256,581,864 x 1.80%
                                        365


                              Trustee Fee for the day                                                     562
                              (at 0.08% per annum calculated based on the NAV
                              subject to a minimum of RM18,000 per annum)


                              256,581,864 x 0.08%
                                            365


                       NAV                                                                        256,568,649




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NAV per Unit of the Fund


The NAV per Unit of the Fund is calculated by dividing the total NAV of the Fund by the
total number of Units in circulation at the end of each Business Day.


If the Units in circulation for the Fund are 510,257,649 at the point of valuation,
therefore,


NAV per Unit of the Fund = NAV ÷ Units in Circulation
                            = RM256,568,649 ÷ 510,257,649 Units
                            = RM0.50282219
                            = RM0.5028 (rounded to four decimal places)
Selling Price of a Unit


For illustration purposes, let us assume that the Selling Price of a Unit of the Fund, which
is the NAV per Unit of the Fund, is RM0.5000 and the maximum Sales Charge that our
distributors are allowed to charge you is 5.00% of the Selling Price per Unit. Say, for
example, you want to invest RM10,000 in Units of the Fund, the amount that you will
have to pay as Sales Charge is:


Sales Charge = 5.00% x (amount to be invested)
              = 5.00% x RM10,000
              = RM500


The total amount that you will have to pay is: -
Total to be paid = amount to be invested + Sales Charge
                  = RM10,000 + RM500
                  = RM10,500


The number of Units that will be allocated to you is: -
Units allocated to you = amount to be invested
                         NAV per Unit

                        = RM10,000
                          RM0.5000 (rounded to four decimal places)
                        = 20,000 Units




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                       Buying Price of a Unit


                       The Buying Price (sometimes called Repurchase or Redemption Price) of a Unit of the Fund
                       is calculated by dividing the NAV of the Fund by the total number of Units of the Fund
                       in	circulation	at	the	point	of	valuation;	this	is	the	same	as	the	NAV	per	Unit	of	the	Fund.	
                       We do not intend to impose any repurchase charge on you.


                       The NAV per Unit of the Fund is RM0.5000, therefore the Buying Price of a Unit is also
                       RM0.5000.


                       Assuming that the NAV per Unit is RM0.50179101,
                       Buying Price per Unit = NAV per Unit
                                              = RM0.50179101
                                              = RM0.5018 (rounded to four decimal places)


                       An illustration of the calculation of redemption proceeds paid to you


                       Your redemption proceeds are based on the Buying Price at the next valuation point upon
                       receipt of your request. Assuming you request to redeem 10,000 Units of the Fund on 15
                       October 2009 and the NAV as at the next valuation (which is published on the following
                       day) is RM 0.5909 per Unit, as shown in the illustration below, the redemption proceeds
                       that you will receive will be:


                       Redemption Proceeds


                       = 10,000 Units x RM0.5909
                       = RM5, 909.00


                       We shall despatch the redemption proceeds within 10 days from the date of acceptance of
                       redemption request as per the Guidelines. If you make a redemption request immediately
                       after the purchase of Units, we shall have a right to withhold the redemption request till
                       sufficient time has elapsed to ensure that the amount you have remitted (for purchase
                       of	Units)	is	realised	and	the	amount	invested	have	been	credited	to	the	PFMB’s	principal	
                       bank account (please refer to page 104). However, this is only applicable if the value
                       of redemption is such that some or all of the freshly purchased Units may have to be
                       redeemed to affect the full redemption.


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Special Redemption Mechanism (Applicable ONLY for PRUdana al-ilham, PRUdana
al-islah and PRUdana wafi)


The above illustration is applicable under normal circumstances. In the event that we
receive redemption requests amounting to or exceeding 30% of the NAV of the Fund,
we may decide to implement the Special Redemption Mechanism. This mechanism will
allow us to base the calculation of redemption on several valuation points (instead of
the next valuation point upon receipt of the request as stipulated in the Guidelines). In
this	respect,	we	have	sought	and	obtained	the	SC’s	approval	to	base	the	calculation	of	
redemption on several valuation points (instead of the next valuation point upon receipt
of	the	request	as	stipulated	in	the	SC’s	Guidelines	on	Unit	Trust	Funds).	We	shall	decide	
to implement this mechanism only when market condition is such that it would not be
possible to liquidate assets of the Fund at reasonable price or prices beneficial to the Fund
without jeopardising the whole investment portfolio. Other factors that may also affect
our decision are, amongst others, as follows:


•	 Liquidity	of	the	particular	investment;
•	 Aggregate	prices	to	dispose	off;
•	 Amount	of	assets	to	dispose	off,	and
•	 Other	investment	limits	and	restrictions	of	the	Fund.


If the mechanism were to be implemented, we would sell off assets of the Fund on a
staggered basis. This would result in the calculation of the redemption proceeds to be
based on several Buying Prices. Each Unit Holder involved would be paid in accordance
with the quantum of their redemption requests based on the Buying Prices calculated on
the next valuation points until the sell down is complete. Please refer to page 98 for details
of the mechanism on computation of the Buying Prices for each Unit Holder involved,
should such extraordinary situation occur.


The selling and repurchase prices including the NAV per Unit of the Fund are published
in major newspaper. However, should there be any inconsistencies between the price
published and the price we have adopted, our price shall be adopted instead of price
published in the newspapers. While we can ensure that the prices forwarded to the
newspaper are accurate, we however cannot assume any responsibility or be liable for
any error in prices finally published in the newspaper.




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                       Policy on rounding adjustment


                       In calculating your investment with us, the NAV of the fund which is also the selling and
                       buying price of the Fund and the unit allocated to you will be rounded to four decimal
                       places.


                          THE SELLING AND REPURCHASE PRICES INCLUDING THE NAV PER UNIT OF
                       THE FUND ARE PUBLISHED IN MAJOR NEWSPAPER. HOWEVER, SHOULD THERE
                       BE ANY INCONSISTENCIES BETWEEN THE PRICE PUBLISHED AND THE PRICE WE
                       HAVE ADOPTED, OUR PRICE SHALL BE ADOPTED INSTEAD OF PRICE PUBLISHED
                       IN THE NEWSPAPERS. WHILE WE CAN ENSURE THAT THE PRICES FORWARDED
                       TO THE NEWSPAPER ARE ACCURATE, WE HOWEVER CANNOT ASSUME ANY
                       RESPONSIBILITY OR BE LIABLE FOR ANY ERROR IN PRICES FINALLY PUBLISHED IN
                       THE NEWSPAPER.


                          THERE ARE FEES AND CHARGES INVOLVED AND THAT YOU ARE ADVISED TO
                       CONSIDER THE FEES AND CHARGES BEFORE INVESTING IN THE FUNDS.




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                              Prudential Islamic Master Prospectus


9. Transaction Information

In this part of the Prudential Islamic Master Prospectus, the procedures on how to
invest in the Funds, and how to redeem, switch and transfer Units that you hold are
explained. You may be required to forward to us additional documents to authenticate
your identification when transacting Units of the Funds. Note that we reserve the right
to reject any application without providing any reason.



We may for any reason at any time, waive existing procedures, or introduce and implement
new procedures in respect of the Funds. This may apply either generally (for all investors)
or specifically (for any particular investor) at our discretion.


Also note that different procedures may apply when you transact Units via one of our
authorised Institutional Unit Trusts Agents.



How You Can Keep Track Of Your Investment

Detailed half-yearly reports on the performance and investments of the Funds are issued
to	all	Unit	Holders	of	the	Funds.	The	Funds’	reports	for	a	six-month	financial	period	are	
for April to September and October to March. As one of our Unit Holders, you would
also receive a half-yearly statement detailing your investments and transactions effected
within the six-month period from January to June and July to December each year. Our
officers will be happy to provide you with more specific information on your investments
should you require this service.


You may always contact our team of Customer Service personnel who would be happy
to assist in:


1.	 enquiry	on	balance	of	account	and	personal	details;
2.	 redemption,	transfer,	switching	and	cooling-off	request;
3.	 request	to	change	correspondence/registered	address,	telephone	number	and	other	
    personal	details;
4. request for confirmation advices on purchase and other transactions related to your
    unit	holdings,	half	yearly	statements	and	copy	of	annual	and/or	interim	reports;
5.	 other	queries	regarding	the	Fund’s	performance.




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                       You may choose to communicate with us via:


                       •	 general	line:	603-2052	3388
                       •	 general	fax	no.:	603-2070	6129
                       •	 customer	service:	603-2332	1000
                       •	 customer	service	facsimile:	603-2026	5577
                       •	 email:	pfmbservice@prudential.com.my


                       You would also be able to read or obtain our latest information on us, our products
                       and services, and market outlook at our website, www.prudential.com.my. You can also
                       review and track the performance of your Units by checking the unit prices which are
                       published in all major local newspapers. Additionally, independent international fund
                       rating	agencies	like	S&P’s	Micropal	and	Lipper	provide	performance	ratings	on	Malaysian	
                       unit trust funds.



                       TRANSACTION DETAILS

                       HOW YOU WOULD START INVESTING

                       All you need to do is to complete a PRUMaster Account Application Form and a
                       Transaction Form – Buy when you make your first investment in any of our Funds.
                       You will receive a Confirmation of the PRUMaster Account Details and Confirmation
                       Advice – Buy. You have the convenience of maintaining all your investments in ONE
                       single PRUMaster Account regardless of the number of Funds in which you invest with us
                       except	for	investments	made	via	the	EPF	Members’	Investment	Scheme	where	a	separate	
                       PRUMaster Account will be established.


                       To make subsequent investments, sell, switch and transfer Units, simply complete the
                       appropriate Transaction Forms. Please refer to the “Quick Guide on How to Buy, Sell,
                       Switch & Transfer” on page 108 for further details.


                       The PRUMaster Account Application Forms and relevant Transaction Forms can be obtained
                       from our office or any of our authorised agents.




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Application and Acceptance


For cash investment applications, Units will be issued at the NAV per Unit after applicable
sales charge on the Business Day upon receipt of complete documents and full payments
before 4.00p.m. The cut-off time will be determined based on the time and date stamp
made by our Head Office.


With respect to PRUislamic income fund,

Investment mode          Payment mode                          NAV Price

Facsmile, Email &        •	 Telegraphic	transfer	by	           •	   Based	 on	 same	 Business	
Telephone                   12.00 p.m.                              Day
                         •	 Local	cheque	by	12.00	             •	   The	3rd	Business	Day	after	
                            p.m.                                    receipt and depositing of
                         •	 Out-of-town	cheque                      cheque on Business Day
                                                               •	   Based	 on	 Business	 Day	
                                                                    cheque is cleared

Where an application is received after the cut-off time, as above, your request will be
deemed as having been received on the next Business Day. We reserve the right to vary
the terms and conditions of investment and payment modes from time to time, which
shall be communicated to you in writing. Note that we reserve the right to reject any
application without providing any reason.


For	investment	applications	made	via	the	EPF	Members’	Investment	Scheme,	Units	will	
be issued at the NAV per Unit on the Business Day upon receipt of complete documents.
Any	application	that	is	not	complete	and/or	not	accompanied	by	the	required	documents	
may be rejected.


Payment Methods


Cash and cheques can be deposited directly into our bank account by using Bank Deposit
Slip	at	any	branch	of	our	principal	bankers	stated	below.	The	original	Customer’s	Copy	
of the Bank Deposit Slip (proof of payment) must be sent together with your application
for Units.




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                       For all Funds, you may attach cheques to your application and post them to us. Cheques
                       and bank drafts must be drawn on a bank located in Malaysia in Ringgit Malaysia (RM),
                       crossed and made payable to “Prudential Fund Management Berhad”. Details of our
                       principal bank accounts are as follows:


                       Malayan Banking Berhad
                       A/C	No.:	514011576079


                       Standard Chartered Bank Malaysia Berhad
                       A/C	No.:	312-143583032


                       HSBC Bank Malaysia Berhad
                       A/C	No.:	305-417255-101


                       EPF Members’ Investment Scheme


                       You may also withdraw from your EPF Account 1, to be invested in a Fund (as per
                       requirements	of	the	EPF	Members’	Investment	Scheme).	To	apply	for	withdrawal,	you	are	
                       required to also complete a Borang KWSP 9N (AHL) for each application for withdrawal
                       to	invest	via	the	EPF	Members’	Investment	Scheme.


                       Cooling-Off


                       If you should change your mind about an investment you have made in the Fund, you
                       can reverse your application within six (6) Business Days from the date we accept your
                       application for Units. Refunds for every Unit held following a request for a reversal of an
                       application would be the sum of:


                       (a)	 the	NAV	per	Unit	on	the	day	the	Units	were	first	purchased;	and
                       (b) the Sales Charge per Unit originally imposed on the day the Units were purchased.


                       We must or deem to have received all such requests before 4.00 p.m. on a Business Day.
                       Requests received or deemed to have been received after 4.00 p.m. will be treated as
                       having been received the following Business Day. The cut-off time will be determined
                       based on the time and date stamp made by PFMB, HQ. For details on application and
                       acceptance of investment application, please refer to page 103.


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Cooling-off proceeds will only be paid after we have received cleared funds for the
original investment. Such proceeds shall be refunded to you within 10 days of receipt of
application for cooling-off.


A cooling-off right is only given to a qualified investor. A qualified investor is a person
who is investing in any of our Funds for the first time but shall not include the following
persons :
•	 corporation	or	institution;
•	 our	staff	;	and
•	 persons	registered	with	us	to	deal	in	unit	trusts.



REDEEMING AN INVESTMENT

You may redeem all or some of the Units held on any Business Day by completing a
Transaction Form – Sell.


For a request to repurchase Units that we receive or deem to have received on or before
4:00 pm on any Business Day, your Units will be redeemed at the NAV per Unit of the
Fund calculated at the end of the Business Day on which the request was received (i.e.
“forward pricing”). The cut-off time will be determined based on the time and date
stamp made by our Head Office.


Where the redemption request is received after the cut-off time, as above, your request
will be deemed as having received on the next Business Day. We reserve the right to
vary the terms and conditions of redemption mode from time to time, which shall be
communicated to you in writing.


For	investment	made	under	the	EPF	Members’	Investment	Scheme,	redemption	proceeds	
will be paid to the EPF to credit back into your EPF Account.


In case the Units are standing in the names of more than one Unit Holder, where mode of
holding is specified as “Joint Application”, all joint holders will have to sign the redemption
requests. However, in cases of holding specified as “Either Applicant to sign”, any one
of the Unit Holders will have the power to make redemption requests, without it being
necessary for all the Unit Holders to sign. In all cases, the first-named Holder will receive
the proceeds of the redemption.

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                       The purchase and redemption of units of any of the Funds may be conducted at any branch
                       of our authorized distributors. For details of the distributors, refer to page 7.



                       SUSPENSION OF SALE AND REPURCHASE OF UNITS

                       In accordance with Clause 11.08(1) of the Guidelines, the Trustee should suspend the sale
                       and/or	repurchase	of	units	in	the	Fund	and	immediately	call	for	a	Unit	Holders’	meeting	
                       to decide on the next course of action in the event that we request the Trustee to cancel
                       units to satisfy a repurchase request in which the Trustee considers that it is not in the
                       interests of the Unit Holders to permit the assets of the Fund to be sold or that the assets
                       of the Fund cannot be liquidated at an appropriate price or on adequate terms.


                       Apart from the above, the Trustee may also in accordance with Clause 10.24(b) of the
                       Guidelines,	suspend	the	sale	and/or	repurchase	of	Units	in	the	Fund	under	exceptional	
                       circumstances, where there is good and sufficient reason to so having regard to the
                       interests of the Unit Holders or potential investors.



                       SWITCHING BETWEEN FUNDS

                       Switching is a facility, which enables you to convert Units of a particular unit trust fund
                       for the Units of our other unit trust funds. The switch will be effected by redeeming Units
                       from the scheme in which the Units are held and investing the net proceeds in the other
                       fund(s), subject to the minimum balance and terms and conditions applicable for the
                       respective unit trust fund(s). You may switch some or all of your Units in the Fund into
                       units of another of our unit trust fund by completing a Transaction Form – Switch.


                       Units of the Fund being switched will be liquidated at the Buying Price per Unit whilst
                       units of the other unit trust funds acquired will be based on the Selling Price of those
                       funds on the Business Day your request is received or deemed to have been received by
                       us. This means that you would be paying sales charge for funds that carry a sales charge.
                       Further, if the sales charge imposed on the Units of the Fund, for example, is 6.00% of
                       the NAV per Unit, which is less than the sales charge imposed on the units of the funds
                       switched to, the difference (“Differential Sales Charge”) shall be payable by you.




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Example:


If the switch is from Units of the Fund into units of other unit trust funds with the same
amount of sales charge per unit, units of the other funds will be acquired at the NAV
per	unit;	this	means	no	sales	charge	will	be	levied	for	the	acquisition.	However,	if	the	
switch is made into units of other unit trust funds with higher sales charge, units of the
other funds will be acquired at the NAV per unit after the deduction of the differential
sales charge.


For a request to switch Units that we receive or deem to have received on or before 4:00
pm on any Business Day, your Units will be switched at the NAV Price per Unit of the
Fund calculated at the end of the Business Day on which the request was received (i.e.
“forward pricing”).The cut-off time will be determined based on the time and date stamp
made by PFMB, HQ. Switching request received after the cut-off time will be deemed as
having being received on the next working day.


Switching fee is waived for the duration of the prospectus. There is no limit as to frequency
of switching transaction. However, switching from a Shariah-based fund to a conventional
fund is discouraged especially for Muslim unit holders.



TRANSFER OF UNITS

You may transfer some or all of your Units in the Fund to another investor by completing
a Transaction Form. A transfer will be effected subject to the minimum balance and
terms and conditions applicable for the respective fund(s).


No transaction or transfer fee is charged for any requests to transfer Units.




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                       A QUICK GUIDE ON HOW TO BUY, SELL, SWITCH & TRANSFER
                       How to         Documents Required                                               What you
                                                                                                       will receive

                       Make An        If you do not have a PRUMaster Account:                          Confirmation
                       Initial        •	 completed	 and	 signed	 PRUMaster	 Account	                   of PRUMaster
                       Investment*         Application Form and Transaction Form                       Account
                                      •	 completed	KWSP	9N(AHL)	Form	if	investing	via	the	             Details and
                                           EPF	Members’	Investment	Scheme                              Confirmation
                                      •	 legible	photocopy	of	identity	card	or	passport	of	each	       Advice - Buy
                                           applicant, in the case of an individual applicant
                                      •	 certified	 true	 copy	 of	 Certificate	 of	 Incorporation,	
                                           Form 24 & 49, Memorandum and Articles of
                                           Association or Constitution or By Laws, Company
                                           Resolution as the case may be for a non-individual
                                           applicant
                                      •	 proof	of	payment		

                                      If you already have a PRUMaster Account:
                                      •	 completed	Transaction	Form	OR
                                      •	 written	instructions	clearly	stating	your	PRUMaster	
                                           Account	number,	the	Fund’s	name,	and	the	amount	
                                           to be invested AND
                                      •	 completed	KWSP	9N(AHL)	Form	if	investing	via	the	
                                           EPF	Members’	Investment	Scheme
                                      •	 legible	photocopy	of	identity	card	or	passport	of	each	
                                           applicant, in the case of an individual applicant
                                      •	 proof	of	payment

                       Make           •	   completed	Transaction	Form	OR                           Confirmation
                       Additional     •	   written	instructions	clearly	stating	your	PRUMaster	 Advice - Buy
                       Investments*        Account	number,	the	Fund’s	name,	and	the	amount	
                                           to be invested AND
                                      •	   completed	KWSP	9N(AHL)	form	if	investing	via	the	
                                           EPF	Members’	Investment	Scheme
                                      •	   legible	photocopy	of	identity	card	or	passport	of	each	
                                           applicant, in the case of an individual applicant
                                      •	   proof	of	payment	

                       Sell           •	 completed	and	signed	Transaction	Form	OR             Confirmation
                                      •	 written	instructions	clearly	stating	your	PRUMaster	 Advice – Sell
                                         Account	number,	the	Fund’s	name,	the	value	or	
                                         units to be sold and settlement instructions


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A QUICK GUIDE ON HOW TO BUY, SELL, SWITCH & TRANSFER

How to          Documents Required                                                What you
                                                                                  will receive

Switch          •	   completed	and	signed	Transaction	Form	OR                  Confirmation
                •	   written	 instructions	 clearly	 stating	 your	 PRUMaster	 Advice –
                     Account	number,	the	Fund’s	name,	the	value	or	units	 Switch
                     to be switched

Transfer        •	   completed	and	signed	Transaction	Form	OR                     Confirmation
                •	   written	 instructions	 clearly	 stating	 your	 PRUMaster	    Advice –
                     Account	 number	 and	 the	 Transferee’s	 PRUMaster	          Transfer
                     Account	Number,	the	Fund’s	name,	the	number	of	units	        (Transferor’s	
                     to be transferred                                            Copy)

                If the Transferee does not have a PRUMaster Account, the          Confirmation
                Transferee is to                                                  of PRUMaster
                •	 complete	a	PRUMaster	Account	Application	Form                  Account
                •	 submit	a	legible	photocopy	of	identity	card	or	passport	of	    Details and
                     each Transferee, in the case of an individual Transferee     Confirmation
                •	 submit	certified	true	copy	of	Certificate	of	Incorporation,	   Advice –
                     Form 24 & 49, Memorandum and Articles of Association         Transfer
                     or Constitution or By Laws, Company Resolution as the        (Transferee’s	
                     case may be for a non-individual transferee                  Copy)

* We may, for any reason at any time, lower or raise the minimum initial/additional investment,
switch and transfer amounts in respect of the Fund. This may apply either generally (for all
investors) or specifically (for any particular investor) and for any period or periods of time at
our discretion.

In the case of a partial sale (redemption), instructions will be carried out only if the minimum
holding requirement (being 1,000 Units or such other amounts as we may decide from time
to time decide) remains in the Fund. If the value of the remaining investments is below the
minimum requirement, all Units in the Fund you hold will be redeemed automatically.

In the event a PRUMaster Account has more than one registered owner, the first-named
Holder (as determined by reference to the original PRUMaster Account Application Form)
shall receive the confirmation advices, all notices and correspondence with respect to the
PRUMaster Account, as well as any redemption proceeds or income distribution or other
distributions. In addition, such first-named Holder shall have the voting rights, as permitted,
associated with such Units.

In the case of joint holders, any one of such joint holders may vote either personally or by
proxy as comprised in the joint holding. If the joint holders are present at any meeting either
personally or by proxy, the joint holder whose name stands first in the unit holder register
shall alone be entitled to vote.


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                       OUR DEALING IN UNITS AND INVESTMENTS

                       We will not hold any Units in the Fund, other than when complying with repurchase
                       requests and/or creating new Units to meet your requests for Units, subject to a maximum
                       of 3 million units or 10% of the units in circulation, whichever is lower.



                       INCOME DISTRIBUTION AND REINVESTMENT POLICIES

                       It is our intention to distribute income once a year for PRUdana al-islah, PRUdana wafi
                       and PRUdana dinamik; on a quarterly basis for PRUislamic income fund and incidental for
                       PRUdana al-ilham. It should, however, be noted that actual distribution of income and
                       the frequency of distribution as indicated here are provisional and will depend, inter-alia,
                       on the availability of distributable surplus (after deducting expenses incurred by the Fund)
                       and will be entirely at our discretion and the Trustee’s approval.

                       If you choose to reinvest your income distribution, the income distribution from the Fund
                       will be invested into additional Units of the Fund based on the NAV per Unit at the end of
                       the day of the income distribution declaration date. The same shall apply in the absence
                       of your written instructions.

                       Your reinvestment of units are deemed to have been reinvested on the next business day
                       of the income distribution declaration date. There will be no cost i.e no sales charge incur
                       for reinvestment of income distribution.



                       UNCLAIMED INCOME POLICY

                       If you instruct to receive instead of to reinvest income distribution, you shall receive the
                       income distributed in the form of cheques. If you do not bank in the cheque within six
                       months of issue, we shall automatically reinvest the income amount into additional Units
                       of that Fund at the NAV per Unit at the end of the expiry date.



                       GENERAL UNCLAIMED MONIES POLICY

                       We shall handle any monies payable to you which remain unclaimed after such period
                       (currently being 12 months) in accordance with the requirements of the Unclaimed
                       Money Act 1965.

                          YOU ARE ADVISED NOT TO MAKE PAYMENT IN CASH WHEN PURCHASING
                       UNITS OF A FUND VIA ANY INSTITUTIONAL/RETAIL AGENTS.

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THE MANAGER

We As The Manager                                                112


Summary Of Financial Position                                    112


Our Roles & Functions                                            113


Board Of Directors                                               113


Key Management Staff                                             115


Investment Committee                                             119


Investment Team                                                  120




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              10. The People Behind The Prudential Islamic Funds

              This part of the Prudential Islamic Master Prospectus provides our details including
              information in respect of our Board of Directors, Investment Team, Key Management
              staff, and the Investment Committee members of the Fund.
The Manager




              WE AS THE MANAGER

              We, as the Manager of the Funds are part of Prudential plc (United Kingdom). Prudential
              plc is an international financial services group providing retail financial products and
              services and fund management to many millions of customers worldwide. As a group
              Prudential has, as of 31 December 2008 (latest available source), over GBP249 billion of
              funds under management, and more than 21 million customers worldwide.


              We were incorporated in November 2000 and are a wholly owned subsidiary of a Malaysian
              resident holding company, which is in turn related to the Prudential group of companies.
              The ultimate parent company of the Prudential Group is Prudential plc whose shares are
              listed on the London and New York Stock Exchanges. We are a licensed Fund Manager
              approved by the SC on 5 January 2005.


              As at 1 June 2009, we manage 42 unit trust funds valued at RM4.2 billion and we have
              a staff force of 108 executives and 18 non-executives.



              SUMMARY OF FINANCIAL POSITION

              The financial information based on audited accounts for the past 3 financial years is set
              out in the table below.

                                                         Financial Year End
                                                   31/12/2006            31/12/2007     31/12/2008
                                                     (RM’000)              (RM’000)       (RM’000)


              Paid-up share capital (RM)                23,000                23,000        23,000
              Shareholders’	funds	(RM)                  17,432                11,379        11,201
              Turnover (RM)                          3,370,615             4,185,121     5,350,720
              Pre-tax	profit/(loss)	(RM)                 4,923                (6,010)         (178)
              After	tax	profit/(loss)	(RM)               5,346                (6,053)         (178)


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OUR ROLES & FUNCTIONS

We are responsible for the daily management and administration of the Fund in accordance
with the provisions of the Deed and all relevant laws and guidelines. Our main duties




                                                                                            The Manager
include:


•	 arranging	for	the	sale	and	repurchase	of	Units;
•	 keeping	of	proper	records	of	the	Fund	and	reporting	to	Unit	Holders;	and
•	 promotion	of	the	Fund.


In keeping with the requirements of the SC, we have established a Compliance Unit
under a Senior Compliance Officer whose primary responsibility is to monitor compliance
with relevant laws and guidelines. The Senior Compliance Officer reports to the Board
of Directors and is responsible for ensuring that all relevant regulations are followed.
The internal audit unit of the Prudential Group conducts all internal audit functions and
reports to the Audit & Compliance Committee.



BOARD OF DIRECTORS

Roles & Functions of the Board of Directors


The Board of Directors is responsible for overseeing the activities of the company. The
Board has six members who meet once every two months or more frequently when
occasion demands. As required by the relevant guidelines, their appointments have been
duly approved by the SC.


Dato’ Tharmaratnam a/l Kanagaratnam (Independent Director)


Dato’	Ratnam	graduated	with	a	BA	Hons	(Economics)	degree	from	the	University	of	Malaya	
in Singapore in 1958. He was in the Malaysian Diplomatic Service from 1958 to 1989. He
has	served	as	the	Malaysian	Ambassador/High	Commissioner	to	many	countries	from	1972	
to 1989. From 1989 to 1995, he was a General Manager with the Berjaya Group, where he
was in charge of business development. He is now an independent director of Prudential
Assurance Malaysia Berhad and The Swatch Group (Malaysia) Sdn Bhd. Appointed to



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              the	Board	of	Directors	on	19	March	2001,	Dato’	Ratnam’s	invaluable	exposure	in	the	
              international scene provides us with a global perspective of business issues.


              Ho Yik (Independent Director)
The Manager




              Best known as the Chief Executive Officer of the then Berjaya Prudential Assurance
              Berhad before his retirement in 1998, Mr Ho has more than 30 years of experience in
              the insurance industry. Before joining our Board of Directors on 19 March 2001 as an
              independent member, he was a Director on the Board of Directors of another unit trust
              management company. He currently still serves as a Director and a member of the Audit
              Board of Prudential Assurance Malaysia Berhad. He is also a Director and a member of the
              Audit Board of Intan Utilities Berhad. Mr. Ho also holds directorship in Winning Formation
              Sdn Bhd and MOL.Com Berhad.


              Mark Toh Chin Hian (Non-Independent Director)


              Mr	Mark	Toh	is	an	Associate	of	the	Chartered	Insurance	Institute	(UK)	with	a	Master’s	
              degree from the University of Keele (UK). He began his career with the Prudential
              Assurance Company Limited holding various positions until his appointment in 1991 by a
              local banking group to start up and manage a group of financial services companies that
              included unit trusts, asset management, trustee and will-writing. In 2000, he rejoined us
              as the Chief Executive Officer, bringing along with him more than 25 years of both local
              and international experiences in the financial services industry. He is not just a Founder
              Member but is also currently a Council Member of the Federation of Malaysian Unit
              Trust Managers.


              Tan Sri Datuk Abdul Rahim Bin Haji Din (Non-Independent Director)


              Tan Sri Datuk Abdul Rahim is a graduate of the University of Malaya in Economics and has
              an MBA from Detroit University Michigan USA. He also attended an Advance Management
              Program from the University of Harvard, USA. He has served in various Government
              Departments and institutions including Employees Provident Fund and Permodalan
              Nasional Berhad from 1964 to 1996. He was appointed as Executive Director with the
              Berjaya Group Berhad in 1996. He is currently a director of Berjaya Group and also holds
              directorship in other non-public listed companies. He was appointed to our Board of




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Directors on 1 March 2006 bringing along with him more than 40 years of invaluable
experiences in the government and private sectors.


Julian Christopher Vivian Pull (Non-Independent Director)




                                                                                                 The Manager
Julian	Christopher	Vivian	Pull	or	Ted	Pull	is	Chief	Operating	Officer	for	Prudential’s	fund	
management	 business	 in	 Asia.	 He	 is	 responsible	 for	 the	 company’s	 finance,	 business	
strategy, risk management, operations and IT functions. He works closely with both
regional support teams and venture management on the planning and delivery of business
strategy, and is responsible for the financial management of the division. In addition,
he	sits	on	the	Board	of	a	number	of	Prudential’s	Asian	asset	management	companies.	
Since joining Prudential Corporation Asia in 2000, Ted has been a core member of the
regional management team driving the expansion of the Asian funds business. He was
instrumental in the strategic planning of new operations in Japan, Malaysia, Singapore,
Korea, China, Vietnam and UAE, all of which have seen vigorous growth while cementing
a solid platform for scalability. Originally from London, Ted holds a B. Sc. in Economics
from University College London and an MBA in Investment and Finance. Ted has been
appointed as our Director on 8 October 2007 bringing along with him 20 years of
management experience in Asia, including a number of regional leadership roles based
in Hong Kong and Singapore.



KEY MANAGEMENT STAFF

Mark Toh Chin Hian
Chief Executive Officer


Profile as set out above.


Yoon Mun Thim
Chief Investment Officer


Mr Yoon Mun Thim joined us in January 2008 as the Chief Investment Officer. This followed
a successful stint with our sister company, Prudential Assurance Malaysia Berhad (PAMB)
which he joined in 2003, where he was also the Chief Investment Officer overseeing the
Life Funds of PAMB.


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              Mun Thim began his investment career at Seacorp–Schroder Capital Management as an
              Investment Analyst in 1993. He then progressed rapidly to become a Fund Manager before
              being promoted to the post of Deputy General Manager with the dual responsibility of
              Fund Manager. He subsequently became the Chief Investment Officer at Amanah SSCM
The Manager




              Asset Management Bhd, a post he held between 1998 and 2003.


              Mun Thim holds a BA (Hons) and MA (Hons) from Cambridge University. He also holds
              an MBA (distinction) from Warwick University and is professionally qualified as a Certified
              Financial Analyst Charter Holder and a Chartered Financial Planner.


              Christopher YS Chan
              Chief Officer, Products and Marketing


              Christopher YS Chan joined us as Chief Officer, Products and Marketing in June 2008.
              Christopher is responsible for driving product development and marketing support for
              our retail and institutional businesses. He holds a Master in Business Administration
              (Banking and Finance) from the University of Hull, with Distinctions in Corporate Finance
              and International Banking.


              Christopher has over 18 years of experience in financial services, of which 15 were related
              to financial markets and asset management. Throughout these years, he has held various
              roles in multinational, regional and local institutions.


              Prior to joining Prudential, Christopher was the Chief Marketing Officer in a local fund
              management company where he was responsible for developing and launching a series
              of global, regional and onshore funds, including alternative investment and structured
              funds. He was also the Chief Investment Officer of an international fund management
              company from 2003 to 2006, where he was responsible for developing and launching
              a series of global, regional and onshore funds, including alternative investment and
              structured funds.


              Edward Ooi Tee Hee
              Chief Officer, Retail Marketing and Distribution


              Mr Edward Ooi holds a Bachelor of Business Administration Degree majoring in Marketing
              and Management from University of Central Oklahoma, United States of America. Prior
              to joining PFMB, he had more than 9 years of solid experience in unit trust covering the

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sales and marketing, well versed and proficient in all aspect of investment products.
Edward joined PFMB in 2007 as Director of Institutional Sales where he was responsible for
driving the sales force of Institutional Unit Trust Advisers. He was subsequently promoted
to Chief, Retail Marketing and Distribution and is responsible for the heading of all of the




                                                                                               The Manager
company’s	distribution	channels	covering	Institutional	Sales,	Agency	Distribution,	Regional	
Distribution, Agency Admin and Development.


Tan Soo Siong
Chief Officer, Operations


Mr. Tan Soo Siong joined Prudential in November 2002 as Manager, System and
Methods. He has over 20 years experience in the banking and finance industry covering
various areas in operations. Prior to joining Prudential, he was Head of Operations at an
established	IT	firm	and	was	reponsible	for	the	Group’s	operations.		Before	that,	he	was	
the Senior Manager at an established financial institution responsible fo Organization and
Methods, Corporate Communications and Information Techonolgy. He holds a Diploma in
International Advertising from the World Secretariat, International Advertising Association
Incorporated USA. Mr. Tan resumed the role of Chief Officer, Operations in June 2008 and
is responsible for driving the business in the areas of Operations, Customer & Distributor
Services, Fund Operations, Investor Operations and Information Technology.


Shahrul Azlan Shahriman
Chief Officer, Private & Institutional Asset Management


Shahrul Azlan Shahriman came on board Prudential Fund Management Berhad as Chief
Officer, Private & Institutional Asset Management in July 2008. He is responsible for the
development of customized investment solutions for institutional unit trust and asset
management clientele.


Shahrul has 10 years experience in the banking and financial services industry holding
various positions in sales and business development. Prior to joining Prudential, Shahrul
was the Head of Sales Channel Management in an international bank where he was
responsible for driving sales and channel development.


Shahrul graduated Summa Cum Laude from Wichita State University, with a Bachelor
degree in Business Administration.


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              Hiu Chee Fatt
              Director, Risk Management, Legal & Compliance


              Mr. Hiu Chee Fatt joined Prudential Fund Management Berhad as Head, Risk Management
The Manager




              in April 2005. He holds an Advanced Diploma of business administration from Association
              of Business Executive (ABE) U.K. and a Master Degree in business administration from
              Cambridgeshire University, UK. Before joining us, he served as head of risk management
              in various financial institutions with good exposure in financial products, credit and
              electronic payment services. He brings with him more than 17 years of experience in risk
              management, credit management, and fraud prevention.


              He is responsible for the legal, compliance and risk management functions of the business
              including information security and business continuity planning.


              Zulkifli Bin Ishak
              Director, Shariah Investment


              En Zulkifli Bin Ishak joined us as Director, Shariah Investment in August 2007. He brings
              over 16 years of investment experience, strong fund management expertise and an
              excellent understanding of Shariah investments.


              Zulkifli was formerly from Amanah Raya-JMF Asset Management where he managed RM5
              billion portfolios mainly in Fixed Income and Structured Product Investments. Prior to this,
              he was a fund manager at Amanah Saham MARA managing equity and fixed income
              investments. He has also worked with several asset management companies, managing
              both equity and fixed income portfolios.


              Zulkifli is responsible for building our Shariah Investment business locally as well as
              positioning us as a regional hub of Islamic fund management for the Prudential Group.




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INVESTMENT COMMITTEE

Roles & Functions of the Investment Committee




                                                                                           The Manager
The Investment Committee is responsible for monitoring the investment management
policies of the Fund in accordance with the objectives of the Fund and the provisions of
the Deed. Investment Committee meetings are held every two month. The Investment
Committee members:


•	 Oversee	the	appropriate	strategies	to	achieve	the	proper	performance	of	the	Fund	
    in	line	with	their	respective	investment	objectives;
•	 Ensure	that	strategies	are	implemented	properly	and	efficiently	by	designated	fund	
    managers;	and
•	 Actively	monitor,	measure	and	evaluate	the	investment	management	performance	
    of the Manager.


The Investment Committee comprises five (5) members who have experience in
overseeing investment management functions. As required by the relevant guidelines,
their appointments have been duly approved by the SC.


Ho Yik (Independent Member)


Profile as set out above.


Robert Yap Yen Choon (Independent Member)


Mr Robert Yap has more than twenty years of investment experience, having served
as Treasurer and as Group Treasurer of Inchcape Malaysia (Holdings) Berhad and as
Treasurer of Shell Malaysia Ltd. His highly regarded experience subsequently led to his
appointment as a director of an established local unit trust company previously. He is
currently the Managing Director of Fokus Awansari (M) Sdn Bhd which is an investment
holding company dealing in property.




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              Abdul Khalil bin Abdul Hamid (Independent Member)


              En. Abdul Khalil bin Abdul Hamid holds a Bachelor of Economics (Hons) (B.Admin.)
              Degree from the University of Malaya, Kuala Lumpur. He joined Hongkong Bank in
The Manager




              February 1979 and left in October 1985, managing the customer service department.
              From November 1985 to July 1995, he joined Bank of Nova Scotia Berhad where he was
              responsible for managing a varied portfolio of corporate and commercial customers and
              also	 marketing	 and	 management	 of	 the	 Bank’s	 real	 estate	 and	 public	 sector	 business	
              segments. In September 1995 he joined Affin Bank Berhad and his last position there
              was as Head Credit Management. En. Khalil was also a member of the Islamic Banking
              Management Committee and the Credit Review & Recovery Committee of Affin Bank
              Berhad. He is currently the Executive Vice President of Bank of Tokyo-Mitsubishi UFJ
              (Malaysia) Berhad.


              Mark Toh Chin Hian (Non-Independent Member)


              Profile as set out above.


              Tan Sri Datuk Abdul Rahim Bin Haji Din (Non-Independent Member)


              Profile as set out above.



              INVESTMENT TEAM

              The Investment Team is responsible for the active management of the Funds in accordance
              with the investment objectives of the Fund and the provision of the Deed. The Investment
              Team shall have discretionary authority over the investments of the Funds subject to the
              rules and guidelines issued by the relevant authorities.


              The	Investment	Team	is	headed	by	the	Manager’s	Chief	Investment	Officer,	Mr	Yoon	Mun	
              Thim. The Team will report on the activities and performance of the Funds directly to the
              Investment Committee at a 2-month interval for overall reviews.




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Mr Yoon Mun Thim is the designated person responsible for the investment management
of the Shariah equity Funds. Ms Ilene Chong, on the other hand, is the designated person
responsible for the investment management of the fixed income and money market funds.
In addition, she also assists in managing the fixed income portfolio of the equity funds.




                                                                                             The Manager
Yoon Mun Thim
Chief Investment Officer


Profile as set out above.


Ilene Chong Chin Huey
Head of Fixed Income


Ilene Chong came on board Prudential Fund Management Berhad on 1st January 2008
as Head of Fixed Income. Prior to this, she was the Head of Fixed Income at Prudential
Assurance Malaysia Berhad where she managed Fixed Income portfolios since 1997 and
has more than 7 years of experience in actuarial work. Ilene holds a Bachelor of Science
(First Class Hons) degree from the University of Malaya, is professionally qualified as an
Associate of the Society of Actuaries USA, as a CFA Charterholder of the CFA Institute
USA and is also a member of the Persatuan Pasaran Kewangan Malaysia.



OUR DELEGATE

FUND VALUER


Background


We	have	obtained	SC’s	approval	for	appointment	of	HSBC	(Malaysia)	Trustee	Berhad	as	
the Fund Valuer for the PRUislamic income fund and PRUasia pacific Shariah equity fund.


The Fund Valuer is a company incorporated in Malaysia since 1937 and registered as
a trust company under the Trust Companies Act 1949, with its registered address at
Suite 901, 9th Floor, Wisma Hamzah-Kwong Hing, No.1, Leboh Ampang, 50100 Kuala
Lumpur. The Fund Valuer is a member of the HSBC Holdings Plc. group of companies
and forms part of the global network of trust companies within HSBC Holdings Plc. The


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              Fund Valuer has invested significantly into information technology to offer accounting
              and valuation services to its clients. Under the terms of the side agreement, the Fund
              Valuer	would	maintain	accounts,	carry	out	daily	valuation/pricing	and	sending	the	unit	
              prices for publication in the newspaper.
The Manager




              Functions of the Fund Valuer


              The Fund Valuer is responsible for the computation of the NAV of the Fund in accordance
              with the requirements of the prospectus and the Deed. The Fund Valuer will report to us
              at the end of each Business Day on the NAV of the Fund including the daily purchases
              and sales transactions, and stock holding report. The report will be sent to us via fax,
              email	and/or	other	method	as	agreed	by	both	parties.


              For more details of the Fund Valuer, please refer to page 133.



              MATERIAL LITIGATION AND ARBITRATION

              As at 1 June 2009, there is no current material litigation and arbitration, including those
              pending or threatened, and any facts likely to give rise to any proceedings which might
              materially	affect	our	business	and/or	financial	position	or	any	of	our	delegates.




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THE SHARIAH ADVISER

IBFIM


General Information On The Shariah Adviser                                     124


Responsibilities Of The Shariah Adviser                                        124


Shareholders                                                                   125


The Designated Persons Responsible For Shariah Matters Relating To The Funds   125


Amanie Business Solutions Sdn Bhd


General Information On The Shariah Adviser                                     126


Responsibilities Of The Shariah Adviser                                        127


The Designated Persons Responsible For Shariah Matters Relating To The Funds   128



THE TRUSTEE

General Information On The Trustee                                             133


Board Of Directors                                                             133


Its Financial Position                                                         133


Retirement Or Removal Or Replacement Of The Trustee                            135


Trustee’s	Statement	Of	Responsibility	                                         135


Material Litigation And Arbitration                                            135


Trustee’s	Delegate	                                                            136


Profile Of Key Personnel                                                       137




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              11. The Shariah Adviser

              ISLAMIC BANKING AND FINANCE INSTITUTE MALAYSIA SDN BHD (IBFIM) AS THE
              SHARIAH ADVISER FOR PRUdana al-ilham, PRUdana al-islah, PRUdana wafi, PRUdana
              dinamik AND PRUislamic income fund.


              GENERAL INFORMATION ON THE SHARIAH ADVISER

              Islamic Banking and Finance Institute Malaysia Sdn. Bhd. (“IBFIM”) was incorporated as
              a private limited liability company in Malaysia under the Companies Act, 1965 on 13
              April 1995.


              IBFIM’s	 establishment	 is	 in	 line	 with	 Malaysia’s	 target	 to	 become	 a	 regional	 and	
              international centre of Islamic finance. IBFIM promotes and facilitates the understanding
The Trustee




              and appreciation of the philosophy and principles of Islamic financial system. IBFIM is
              registered with the Securities Commission (“SC”) to act as a Shariah Adviser for Shariah-
              based Unit Trust Schemes and sukuk issuance. IBFIM is also involved in numerous Shariah-
              based private mandates and restricted investment schemes as well as the Shariah Adviser
              for prominent Islamic REITs.


              As at 1 June 2009, IBFIM has a total number of 45 staff (36 executives and 9 non-executives)
              at various levels and has 62 funds under supervision.



              RESPONSIBILITIES OF THE SHARIAH ADVISER

              The Shariah Adviser meets with the Manager on a quarterly basis to review and advise
              on	the	Fund’s	compliance	with	the	Shariah	requirements.	In	line	with	the	SC	Guidelines,	
              the roles of IBFIM as the Shariah Adviser are:


              •	 ensuring	 that	 the	 Shariah-based	 unit	 trust	 funds	 (“the	 Funds”)	 are	 managed	 and	
                  administered	in	accordance	with	the	Shariah	principles;
              •	 providing	 expertise	 and	 guidance	 for	 the	 Funds	 in	 all	 matters	 relating	 to	 Shariah	
                  principles,	including	on	the	Funds’	deed	and	prospectus,	its	structure	and	investment	
                  process,	and	other	operational	and	administrative	matters;
              •	 consulting	the	SC	who	may	consult	the	Shariah	Advisory	Council	where	there	is	any	
                  ambiguity	or	uncertainty	as	to	an	investment,	instrument,	system,	procedure	and/or	
                  process;




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•	 scrutinising	 the	 Funds’	 compliance	 report	 as	 provided	 by	 the	 compliance	 officer,	
    transaction report provided by or duly approved by the trustee and any other report
    deemed	necessary	for	the	purpose	of	ensuring	that	the	Funds’	investments	are	in	
    line	with	the	Shariah	principles;
•	 preparing	a	report	to	be	included	in	the	Funds’	interim	and	annual	report	certifying	
    whether the Funds have been managed and administered in accordance with the
    Shariah	principles;
•	 ensuring	that	the	Funds	comply,	with	any	guideline,	ruling	or	decision	issued	by	the	
    SC,	with	regard	to	Shariah	matters;
•	 vetting	and	advising	on	the	promotional	materials	of	the	Funds;
•	 assisting	and	attending	to	any	ad-hoc	meeting	called	by	the	SC	and/or	any	other	
    relevant authority.




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SHAREHOLDERS

Bank Negara Malaysia (Special Shareholder)
BIMB Holdings Berhad
AmInvestment Bank Berhad
Malayan Banking Berhad
Alliance Bank Malaysia Berhad
Affin Bank Berhad
Bank Muamalat Malaysia Berhad
EON Bank Berhad
Hong Leong Islamic Bank Berhad
Public Bank Berhad
RHB Islamic Bank Berhad
CIMB Bank Berhad
Etiqa Takaful Berhad



THE DESIGNATED PERSONS RESPONSIBLE FOR SHARIAH
MATTERS RELATING TO THE FUNDS

Encik Mohd Bakir Haji Mansor
Distinguished Shariah Fellow


Mohd Bakir Haji Mansor is a member of the Shariah Supervisory Council of Bank Islam
Malaysia Berhad (BIMB), the Shariah Advisory Body of Syarikat Takaful Malaysia Berhad


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              and sits on the Shariah Panel Committee of Amanah Ikhtiar Malaysia (AIM). He is also the
              Chairman of the Shariah Advisory Committee of BIMB Securities Sdn Bhd as well as Shariah
              Advisory Committee of the Association of Islamic Banking Institute Malaysia (AIBIM).


              Prior to joining IBFIM, Mohd Bakir was the Shariah Coordinator at BIMB, a post he held
              since 1984. Previously, he served at the National Council for Islamic Religious Affairs in
              the	Prime	Minister’s	Department	for	10	years	from	1971.	He	was	also	one	of	the	Chief	
              Assistant Directors at the Islamic Research Centre for 4 years from 1980. He holds a
              Shahadah Ulya from Kolej Islam Malaya.


              Encik Mohd Nasir Ismail
              Senior Shariah Fellow
The Trustee




              Mohd Nasir Ismail joined the Institute in July 2001. He is responsible in providing Shariah
              input on the advisory, consultancy and research functions with regard to Islamic banking,
              takaful, Islamic capital market and Shariah-based unit trust funds. Prior to joining IBFIM,
              he was with Institut Pengajian Ilmu-Ilmu Islam, Kelantan. He graduated with a Bachelor
              of Shariah (Honours) from the University of Malaya in 1998.


              Encik Muhammad Hadi Abdullah
              Senior Shariah Fellow


              Muhammad Hadi Abdullah, IFP, joined the Institute in January 2005. He is responsible in
              providing Shariah input on the advisory, consultancy and research functions with regard
              to Islamic banking, takaful, Islamic capital market and Shariah-based unit trust funds. He
              obtained his Master in Comparative Laws from International Islamic University Malaysia
              and Bachelor of Shariah Islamiyyah (Honours) from the Al-Azhar University, Cairo. He
              also holds the Islamic Financial Planner (IFP) certification.



              AMANIE BUSINESS SOLUTIONS SDN BHD (ABS) AS THE
              SHARIAH ADVISER FOR PRUasia pacific Shariah equity fund (“the Fund”)

              GENERAL INFORMATION ON THE SHARIAH ADVISER

              Amanie Business Solutions Sdn. Bhd. (ABS) is a Shariah advisory, consultancy, training and
              research & development boutique for institutional and corporate clientele focusing on
              Islamic financial services. ABS is a registered Shariah Advisory Company for Islamic unit
              trust with the Securities Commission Malaysia.


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It	has	been	established	with	the	aim	of	addressing	the	global	needs	for	experts’	and	Shariah	
scholars’	pro-active	input.	This	will	ultimately	allow	the	players	in	the	industry	to	manage	
and achieve their business and financial goals in accordance with the Shariah principles.
ABS also focuses on organizational aspect of the development of human capital in Islamic
Finance worldwide through providing updated quality learning embracing both local and
global issues on Islamic financial products and services.


Since 2005, ABS has acquired four (4) years of experience in the advisory role of unit
trust funds. The company is led by Dr. Mohd Daud Bakar and teamed by an active and
established panel of consultants covering every aspects related to the Islamic Banking and
Finance industry both in Malaysia and the global market. Currently the team comprises
of seven (7) full-time consultants who represent dynamic and experienced professionals
with a mixture of corporate finance, accounting, product development, Shariah law and




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education.


As at 1 June 2009, ABS has 13 funds under their supervision.



RESPONSIBILITIES OF THE SHARIAH ADVISER

The Shariah Adviser meets with the Manager on a quarterly basis to review and advise
on	the	Fund’s	compliance	with	the	Shariah	requirements.	In	line	with	the	Guidelines,	the	
roles of ABS as the Shariah Adviser are:


•	 To	ensure	that	the	fund	is	managed	and	administered	in	accordance	with	Shariah	
   principles.
•	 To	provide	expertise	and	guidance	in	all	matters	relating	to	Shariah	principles,	including	
   on	the	fund’s	deed	and	prospectus,	its	structure	and	investment	process,	and	other	
   operational and administrative matters.
•	 To	consult	with	SC	where	there	is	any	ambiguity	or	uncertainty	as	to	an	investment,	
   instrument,	system,	procedure	and/or	process.
•	 To	 act	 with	 due	 care,	 skill	 and	 diligence	 in	 carrying	 out	 its	 duties	 and	
   responsibilities.
•	 Responsible	for	scrutinizing	the	fund’s	compliance	report	as	provided	by	the	compliance	
   officer, and investment transaction reports provided by, or duly approved by, the
   trustee	to	ensure	that	the	fund’s	investments	are	in	line	with	Shariah	principles.
•	 To	prepare	a	report	to	be	included	in	the	fund’s	interim	and	annual	reports	certifying	
   whether the funds have been managed and administered in accordance with Shariah
   principles for the period concerned.


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              THE DESIGNATED PERSONS RESPONSIBLE FOR SHARIAH
              MATTERS RELATING TO THE FUND

              The designated person responsible for Shariah advisory matters of the fund is Dr. Mohd
              Daud	Bakar	who	is	also	the	President/CEO	of	ABS.	Other	consultants	in	the	team	are:


              (1) Dr. Mohd. Daud Bakar
              (2) Dr. Syed Musa Alhabshi
              (3) Baiza Bain
              (4) Effendy Rahaman
              (5) Maya Marissa Malek
              (6) Razi Pahlavi
The Trustee




              (7) Suhaida Mahpot
              (8) Mohd Shahrail Mohd Tahir


              Dr. Mohd Daud Bakar
              President/CEO


              Dr.	Mohd	Daud	Bakar	is	the	President/CEO	of	International	Institute	of	Islamic	Finance	(IIIF)	
              Inc. (BVI), Amanie Business Solutions Sdn. Bhd. and Amanie Islamic Finance Consultancy
              and	Education	LLC	Dubai.	Prior	to	this;	he	was	the	Vice-Chancellor	at	the	International	
              Islamic	 University	 Malaysia.	 He	 received	 his	 first	 degree	 in	 Shari’ah	 from	 University	 of	
              Kuwait in 1988 and obtained his PhD from University of St. Andrews, United Kingdom
              in 1993. In 2002, he went on to complete his external Bachelor of Jurisprudence at
              University of Malaya.


              He has published a number of articles in various academic journals and in various
              conferences both local and overseas. Dr Mohd Daud is currently the Chairman of the
              Central	Shari’ah	Advisory	Council	of	the	Central	Bank	of	Malaysia	and	is	a	member	of	
              Shariah Advisory Council of Securities Commission of Malaysia.


              He	 is	 also	 a	 member	 of	 Shari’ah	 board	 of	 Accounting	 and	 Auditing	 Organization	 for	
              Islamic Financial Institutions (AAOIFI) (Bahrain), Dow Jones Islamic Market Index (New
              York), Oasis Asset Management (Cape Town, South Africa), Unicorn Investment Bank
              (Bahrain), Financial Guidance (USA), BNP Paribas (Bahrain), Morgan Stanley (Dubai),
              Jadwa-Russell Islamic Fund (Kingdom of Saudi Arabia), Bank of London and Middle East




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(London), Noor Islamic Bank (Dubai), Islamic Bank of Asia (Singapore), Dubai Financial
Market and in other financial institutions both local and abroad.


Dr. Syed Musa Alhabshi
Principal Consultant


As principal consultant with ABS which provides advisory, research and training services
to the Islamic financial industry, Dr Syed has been involved in financial product design
and development, professional module design and development as well as spearheading
research for the Islamic Financial Services Industry. In addition he has also conducted
training in the area of Accounting for Islamic Financial Institutions, Islamic Finance and
Banking in both public seminars and in house training programs for various financial,




                                                                                                   The Trustee
audit, supervisory and rating institutions in London, Brunei, Malaysia, Singapore and
Indonesia. In setting the direction for the industry he had been appointed as a technical
consultant with Centennial Group International where he was involved in developing
Islamic Financial Services Board (IFSB) Prudential Standards. He had also served as a
member of Accounting, Auditing and Governance Standards Board of Accounting
Auditing Organization for Islamic Financial Institutions (AAOIFI). In Malaysia he is currently a
member of Malaysian Accounting Standards Board (MASB) Working Committee of Islamic
Financial Reporting Standards. As an academic Dr. Syed Musa Alhabshi was an Associate
Professor and Dean of Faculty of Business Administration, Tun Abdul Razak University
(UNITAR) till February 2007. In postgraduate education he designed and developed
doctoral and masters degree curriculum as well as graduate programs in both UNITAR
and International Islamic University, Malaysia (IIUM). His teaching experience spans from
undergraduate to postgraduate programs in the areas of accounting and finance with
special focus in Islamic finance and accounting. He supervised doctoral students and has
presented papers in both local and International Conferences as well as published papers in
academic journals and related academic literature which includes areas on Performance and
Efficiency of Islamic Financial Institutions and Foreign Investments, Accounting, Auditing,
Governance, Risk Management, Performance Measurement and Zakat particularly for
Islamic Financial Institutions. His early education was from Singapore where he obtained
a Diploma in Business Studies from Ngee Ann Polytechnic. He then obtained first class
honors degree in Bachelor of Business Administration (1989) from International Islamic
University (IIUM), and conferred Bank Islam Malaysia Overall Best Student Award. He then
proceeded to obtain Doctor of Business Administration (1994) (Accounting and Finance)
from Strathclyde University, UK.




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              Baiza Bain
              Consultant


              Baiza is a consultant with 9 years experience in various fields within the Islamic Banking
              industry. Baiza started as a research associate with Islamic Financial Data Services Ltd. (U.K)
              specializing in Islamic finance and banking data research before joining IslamiQ Ltd. At
              IslamiQ, Baiza was part of the team that developed the ScreenIslamiQ, the online service
              that allowed users to access information on Shariah compliant stocks in the major global
              stock markets. Baiza was also involved in the IslamiQ advisory team that completed the
              Shariah structuring of a US$150 million Islamic private equity fund focusing on dynamic
              and	undervalued	Asian	companies.	Baiza’s	last	posting	before	joining	Amanie	was	with	
              Guidance Financial Group LLC, an international Islamic financial services company based
              in Washington D.C. At Guidance Financial, Baiza was part of the investment team
The Trustee




              that structured a Musyarakah Mutanaqisah based Islamic home financing program for
              consumers in the U.S market, an innovative mortgage based Islamic Fixed Income security
              with Freddie Mac and a Pan European Islamic Real Estate fund with ING International.
              During his tenure with Guidance Financial, he was also seconded to Navis Capital Partners
              to assist in the day to day running of their Islamic private equity funds with an aggregate
              value of USD 300 million. Baiza graduated from Monash University, Australia with a degree
              in Business Studies double majoring in Accounting and Economics.


              Effendy Rahaman
              Consultant


              Effendy is a consultant for business, product and research. His expertise lies in the field
              economic research and he has previously held several research assignments from Malaysian
              Institute of Economic Research (MIER) and International Centre for Education in Islamic
              Finance (INCEIF). Effendy began his career as a financial consultant at Standard Chartered
              Bank, Singapore, where he developed an extensive knowledge of banking instruments.
              He then moved on to WAREES Investments, a subsidiary of Majlis Ugama Islam Singapura
              (MUIS) which specializes in managing and developing trust property. At WAREES
              Investments, he fulfilled the role of an investment analyst and gain significant experience in
              the field of Islamic Finance and Economics. Effendy brings forth an integral knowledge of
              the banking and finance industry and its regulatory environment. Effendy holds a degree in
              Business Management from the University of London, an MSc in International Economics
              (with Distinction) from Cardiff University and is currently pursuing his PhD in Economics
              from Universiti Malaya, specializing in Monetary and Islamic Economics.




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Maya Marissa Malek
Consultant


Maya Marissa graduated with an LL.B (Hons) from the University of Kent at Canterbury,
United Kingdom and has 9 years experience mainly in corporate legal matters. She started
her career with Edaran Digital Systems Berhad, a player in the ICT industry as an in-house
legal counsel for the holding company and its subsidiaries. At Edaran, she was responsible
for the legal matters mainly in project management as well as compliance. She was also
involved	in	the	Group’s	exercise	for	issuance	of	RM100	million	Al-Murabahah	Commercial	
Paper/Medium	Term	Note	and	was	appointed	as	Administrator	for	the	Group’s	Employee	
Share Trust Scheme and member of the Risk Management Working Committee. She
then joined Perbadanan Usahawan Nasional Berhad (PUNB), a national entrepreneur
development corporation, which provides integrated support to various sectors through




                                                                                               The Trustee
a variety of Islamic financial products and equity investments. At PUNB, she received
wide	 exposure	 in	 legal	 and	 Shari’ah	 aspects	 of	 PUNB’s	 financing	 and	 investments,	
litigation and general corporate matters including risk management exercise, KPI exercise
and	implementation	of	PUNB’s	SOP.		She	was	also	a	member	of	PUNB’s	Main	Shari’ah	
Committee	and	Shari’ah	Working	Committee.	Maya	Marissa	is	currently	pursuing	her	
Chartered Islamic Finance Professional (CIFP) Programme at the International Centre for
Education in Islamic Finance (INCEIF).


Razi Pahlavi C.A. (Mal)
Consultant


Razi is a qualified Chartered Accountant with the Malaysian Institute of Accountant (MIA).
He was previously involved in product and business development activities of IslamiQ
Ltd.		He	was	one	of	the	Shari’ah	secretariats	in	IslamiQ,	responsible	for	the	development	
and	management	of	Shari’ah	compliance	products	as	well	as	communication	between	
the	management	and	Shari’ah	scholars.	IslamiQ	is	the	first	online	company	dedicated	
to meeting the Islamic investment and financial needs of the global Muslim community.
Prior to that, Razi was a product development consultant for Islamic Capital Technology.
He participated in the Islamic Financial advisory and assisted in the structuring of private
equity funds, Islamic business-to-business financial marketplace and Takaful products. Razi
has significant experience in Islamic Economy and Finance research. He was a researcher
in Islamic Financial Data Services Ltd. (UK), with the main responsibility of conducting
market research, providing reports and updates on the new Islamic Finance products
in both concept and application. He was once an independent researcher based in the
Middle East. Razi graduated from International Islamic University Malaysia with a Bachelor
Degree in Accounting.


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              Suhaida Mahpot
              Associate Consultant


              Suhaida Mahpot graduated from International Islamic University Malaysia with a
              Bachelor of Economics (Islamic Economics & Finance). Her career in banking & financial
              industry starts as a Trainee under Capital Market Graduated Trainee Scheme organized
              by Securities Commission. Prior to joining Amanie Business Solutions Sdn Bhd, she was
              working with Affin Investment Bank Bhd since 2006 as an Executive for Debt & Capital
              Markets Department. She has completed various project financing deals using Private
              Debt Securities instruments ranging from infrastructure & utilities, real estate, plantation
              and many others sectors.


              Mohd Shahrail Mohd Tahir
The Trustee




              Associate Consultant


              Mohd Shahrail Mohd Tahir started his career as Investment Analyst specializing in Technical
              Analysis and Programmed Strategy Trading at a local Fund Management Company. He is
              also responsible for developing the Investment Framework for the Global Fund Program
              under Metro Global Asset Management (Brunei) Ltd. Due to his interest in enhancing
              his trading skill, Shahrail spent nearly 5 years of research on Programmed Strategy
              Trading which covers various aspects of trading, from Market Timing to Money and
              Risk Management, and from Fixed Income to Forex, using various Programmed Trading
              Platform. Apart from his interest in programming trading strategy, Shahrail is also involve
              in	other	type	of	programming	such	as	Database,	VBA	and	web	programming.	Shahrail’s	
              last post before joining Amanie was Equity Central Dealer at Etiqa Insurance & Takaful,
              an insurance arm of Maybank Fortis Berhad. He was responsible for handling all equity
              trades for all funds under Mayban General, Maybanlife Assurance, Mayban Takaful, MNI
              Insurance and Takaful Nasional. Shahrail wa also involved in developing and maintaining
              the Central Dealing operation for the group before moving into Fund Performance Division.
              At	Amanie,	Shahrail’s	main	task	is	to	develop	and	maintain	Amanie	Market	Screening	
              framework using various shariah methodology globally. Shahrail graduated from University
              Teknologi MARA (UiTM) majoring in Investment Analysis.




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12. The Trustee

GENERAL INFORMATION ON THE TRUSTEE

The Trustee is HSBC (Malaysia) Trustee Berhad (Company No. 1281-T), a company
incorporated in Malaysia since 1937 and registered as a trust company under the Trust
Companies Act 1949, with its registered address at Suite 901, 9th Floor, Wisma Hamzah-
Kwong Hing, No.1 Lebuh Ampang, 50100 Kuala Lumpur. The Trustee is a member of the
HSBC Holdings Plc. group of companies and forms part of the global network of trust
companies within HSBC Holdings Plc.



BOARD OF DIRECTORS




                                                                                                  The Trustee
1. Mr Jonathan William Addis
2. Ms Lim Liang Hua
3.	 Dato’	Ranita	Mohd	Hussein
4. Ms Zainon Baba
5. Mr Alastair E Murray
6. Mr Tay Shik Heng
7. Mr Tay Swee Gim (Alternate to Ms Lim Liang Hua)
8. Ms Hew Su Chan (Alternate to Mr Tay Shik Heng)
9. Ms Wong Su Kuin (Alternate to Mr Alastair E Murray)



ITS FINANCIAL POSITION

The Trustee has a paid-up capital of RM500,000.00. As at 31 December 2008, its
shareholders’	 funds	 totaled	 RM14.35	 million	 and	 it	 achieved	 a	 profit	 before	 tax	 of	
RM10.47 million.


The following is a summary of the past performance of the Trustee based on audited
accounts for the last 3 years:




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                                                                                   Year Ended 31 December
                                                                           2006             2007            2008
                                                                           (RM)             (RM)            (RM)


              Paid-up Share Capital                                     500,000          500,000         500,000
              Shareholders’	Funds	                                    5,196,456	      	6,598,539	     14,353,116
              Turnover                                               12,704,612       16,911,088      17,843,570
              Profit before Tax                                       6,167,355        9,164,852      10,470,535
              Profit after Tax                                        4,706,595        6,442,083       7,754,577



              EXPERIENCE IN TRUSTEE BUSINESS
The Trustee




              Since 1993, the Trustee has acquired experience in the administration of unit trusts and
              as at 31 May 2009 is the Trustee for 187 unit trust funds (including 2 Exchange Traded
              Funds and 5 Wholesale Funds).


              As at 31 May 2009, the Trustee has a workforce of 48 employees consisting of 34
              executives and 14 non-executives. A good number of the staff has been with the Trustee
              for many years. This element of continuity reflects an intrinsic characteristic of trust services.
              The Trustee also believes in building team and talents by recruiting new members with
              relevant experiences to replace the long serving retired colleagues.


              Each	 client’s	 account	 is	 under	 the	 supervision	 of	 a	 trust	 officer	 who	 is	 able	 to	 focus	
              his personal attention on the administration of the account and reports directly to his
              manager.


              The Trustee also has a Compliance Section whose responsibilities is to ensure that the
              Trustee’s	 business	 is	 carried	 on	 in	 accordance	 with	 all	 relevant	 laws,	 codes,	 rules	 and	
              standards of good market practice.



              ITS DUTIES AND RESPONSIBILITIES

              The	Trustee’s	main	functions	are	to	act	as	trustee	and	custodian	of	the	assets	of	the	Fund	
              and to safeguard the interests of Unit Holders of the Fund. In performing these functions,


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the Trustee has to exercise all due care and vigilance and is required to act in accordance
with the provisions of the Deed, Capital Markets and Services Act 2007 and the Securities
Commission’s	Guidelines	on	Unit	Trust	Funds.	Apart	from	being	the	legal	owner	of	the	
Fund’s	assets,	the	Trustee	is	also	responsible	for	ensuring	that	the	Manager	performs	its	
duties and obligations in accordance with the provisions of the Deed, Capital Markets
and Services Act 2007 and the Guidelines.



RETIREMENT OR REMOVAL OR REPLACEMENT OF THE
TRUSTEE

The	 Trustee	 may	 retire	 upon	 giving	 twelve	 (12)	 months’	 notice	 to	 the	 Manager	 of	 its	




                                                                                                     The Trustee
desire to do so, or such shorter period as the Manager and the Trustee may agree, and
may by Deed appoint in its stead or as an additional trustee a new trustee approved by
the relevant authorities and under any relevant law.


The Trustee may be removed and another trustee may be appointed by Special Resolution
of the Unit Holders at a duly convened meeting of which notice has been given to the
Unit Holders in accordance with the Deed.



TRUSTEE’S	STATEMENT	OF	RESPONSIBILITY

The Trustee has given its willingness to assume the position as Trustee of the Fund and all
the obligations in accordance with the Deed, all relevant laws and rules of law.



MATERIAL LITIGATION AND ARBITRATION

As at 1 June 2009, the Trustee is not engaged in any material litigation and arbitration,
including those pending or threatened, and is not aware of any facts likely to give rise
to	any	proceedings	which	might	materially	affect	the	business/financial	position	of	the	
Trustee and any of its delegates.




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              TRUSTEE’S	DELEGATE

              The Trustee has appointed The Hongkong And Shanghai Banking Corporation Ltd as
              custodian of the quoted and unquoted local investments of the Fund. The assets of the
              Fund are held through their nominee company, HSBC Nominees (Tempatan) Sdn Bhd.
              If and when the Fund should invest overseas, HSBC Institutional Trust Services (Asia)
              Limited will be appointed as the custodian of the foreign assets of the Fund. Both The
              Hongkong And Shanghai Banking Corporation Ltd and HSBC Institutional Trust Services
              (Asia) Limited are wholly owned subsidiaries of HSBC Holdings Plc, the holding company
              of	the	HSBC	Group.	The	custodian’s	comprehensive	custody	and	clearing	services	cover	
              traditional settlement processing and safekeeping as well as corporate related services
The Trustee




              including cash and security reporting, income collection and corporate events processing.
              All investments are automatically registered into the name of the Fund. The custodian
              acts only in accordance with instructions from the Trustee.



              Trustee’s Delegates


              1) The Hongkong And Shanghai Banking Corporation Limited (As Custodian) and assets
                  held through HSBC Nominees (Tempatan) Sdn Bhd (CO. No. 258854-D)
              No 2 Leboh Ampang
              50100 Kuala Lumpur
              Telephone No: (603)20700744
              Fax No: (603)20729787


              2) HSBC Institutional Trust Services (Asia) Limited
              6th Floor, Tower One
              HSBC Centre
              No 1 Sham Mong Road
              Kowloon, Hong Kong
              Telephone No: (852)25336333
              Fax No: (852)28696120




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PROFILE OF KEY PERSONNEL

Ms Lim Liang Hua – Managing Director


She joined HSBC (Malaysia) Trustee Berhad in April 2004 and brings with her over 20 years
of legal advisory and problem solving skills in the banking and financial services industry.
She holds a Bachelor of Economics and Bachelor of Laws (LLB) from Monash University,
Australia. She was admitted to practice as a Barrister & Solicitor in Victoria, Australia in
1984 and was called to the Malaysian Bar in 1985. She was in private practice for three
years in the Klang Valley before joining the corporate sector, namely the banking and
financial institutions industry. She was the Chief Legal Adviser and Company Secretary




                                                                                                      The Trustee
for the Phileo Allied Bank Group and the United Overseas Bank Group in Malaysia. Prior
to her joining HSBC, she was Chief Executive Officer in an established trust company.


Mr Yee Yit Seeng - Manager, Operations


He joined HSBC (Malaysia) Trustee Berhad in July 1984. He holds a Diploma in Banking
and Finance and is a Senior Associate of Institut Bank-Bank Malaysia. He has more than
22	 years	 of	 experience	 in	 trust	 operations	 including	 client	 service,	 systems/projects	 &	
office administration, compliance, internal control & audit, and business development.
He was also seconded to the HSBC Back-end Processing Office in Cyberjaya, Malaysia to
support the global securities operations.


Puan Maziah Yong – Head, Unit Trust


She joined HSBC (Malaysia) Trustee Berhad in November 2007. She holds an Advanced
Diploma in Law from Institut Teknologi MARA. Prior to her joining HSBC, she has more
than 15 years working experience in trust administration, especially relating to unit trust
schemes.


Ms Lim Gim Lee – Head, Fund Administration


She joined HSBC (Malaysia) Trustee Berhad in December 2008. She holds an Advanced
Diploma in Business Administration - Institute of Business Administration and Management
(IBAM). She was one of the pioneer staffs in setting up two unit trust management
companies and has more than 13 years working experience in the unit trust industry.


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              Ms Leong Li Yim – Head, Business Support


              She joined HSBC (Malaysia) Trustee Berhad in December 2007. She holds a Diploma
              in Banking and Finance of Institut Bank-Bank Malaysia and a Diploma in Business
              Management from The Association of Business Executives. She has more than 17 years
              experience in securities industry, including overseeing the settlement operations for foreign
              institutional clients, retail clients margin financing, systems implementation and being the
              liaison party with regulatory bodies, like Bursa Malaysia. Prior to her joining HSBC Trustee,
              she was Head of Settlement, HSBC Securities Services in Malaysia.


              Ms Lau Sook Yee – Head, Compliance
The Trustee




              She joined HSBC (Malaysia) Trustee Berhad in September 2005. She has more than 20
              years experience in banking and treasury operations in both merchant and commercial
              banks.


              Ms Janice Chang Hui Ching – Head, Corporate Trust


              She joined HSBC (Malaysia) Trustee Berhad in November 2004. She holds a Bachelor of
              Business majoring in Economics & Finance from RMIT University, Australia. Prior to her
              joining HSBC, she has more than 7 years experience in Unit Trust Schemes and Corporate
              Bonds/Private	Debt	Securities	in	an	established	trust	company.		


              Mr Yap Fook Meng – Head, System & Admin


              He joined HSBC (Malaysia) Trustee Berhad in August 2007. He holds a Diploma in
              Banking and Finance and is a Senior Associate of Institut Bank-Bank Malaysia. He has
              more than 25 years experience in banking operations, including systems implementation
              and support with HSBC Bank Malaysia Berhad. Besides local banking experience, he had
              been seconded to other HSBC Group offices in United Kingdom and Brazil for systems
              implementation and support.




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Ms Juliet Soon Boon Leng – Head, Documentation


She joined HSBC (Malaysia) Trustee Berhad in June 2008. She holds a Bachelor of Laws
(LLB) from University of Glamorgan, Wales and was called to the Malaysian Bar in 2001.
She was in private practice for more than 3 years, handling mostly banking and financial
documentation. Prior to her joining HSBC, she was Manager, Legal & Documentation in
an investment bank.




                                                                                           The Trustee




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SALIENT TERMS OF DEED

Your Rights                                                         142


Your Liabilities                                                    142


Maximum Fees And Charges Permitted                                  143


Procedures To Increase The Direct And Indirect Fees And Charges     144


Our Right To Retire                                                 145


Our	Powers	to	Remove	/	Replace	Trustee	                             146


Trustee’s	Right	To	Retire	                                          146


Power of Trustee to Remove or Replace Us                            147


Termination Of The Fund                                             147


Meetings Of Unit Holders                                            149




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                        13. Salient Terms Of Deed

                        YOUR RIGHTS

                        As a Unit Holder of the Fund, and subject to the provisions of the Deed, you have the
                        right:


                        •	 To	receive	distributions,	if	any,	of	the	Fund;
                        •	 To	participate	in	any	increase	in	the	NAV	of	Units	of	the	Fund;
                        •	 To	call	for	Unit	Holders’	Meetings	and	to	vote	for	the	removal	of	the	Trustee	or	the	
                            Manager	through	an	extraordinary	resolution;
                        •	 To	exercise	the	cooling-off	right	(only	for	qualified	investors);
                        •	 To	receive	annual	and	interim	reports	on	the	Fund;	and	
                        •	 To	exercise	such	other	rights	and	privileges	as	provided	for	in	the	Deed.


                        However, you would not have the right to require the transfer to you any of the investments
                        of the Fund. Neither would you have the right to interfere with or to question the exercise
                        by	the	Trustee	(or	us	on	the	Trustee’s	behalf)	of	the	rights	of	the	Trustee	as	trustee	of	the	
                        investments of the Fund.
Salient Terms Of Deed




                        YOUR LIABILITIES

                        As a Unit Holder of the Fund, and subject to the provisions of the Deed, your liabilities
                        would be limited to the following:


                        •	 You	would	not	be	liable	for	nor	would	you	be	required	to	pay	any	amount	in	addition	
                            to the payment for Units of the Fund as set out in this Prospectus and the Deed.
                        •	 You	would	not	be	liable	to	indemnify	the	Trustee	and/or	us	in	the	event	that	the	
                            liabilities	incurred	by	the	Trustee	and/or	us	on	behalf	of	the	Fund	exceed	the	NAV	of	
                            the Fund.


                            NOTE: PLEASE BE ADVISED THAT IF YOU INVEST IN UNITS THROUGH AN
                        IUTA WHICH ADOPTS THE NOMINEE SYSTEM OF OWNERSHIP, YOU WOULD
                        NOT BE CONSIDERED TO BE A UNIT HOLDER UNDER THE DEED AND YOU MAY
                        CONSEQUENTLY NOT HAVE ALL THE RIGHTS ORDINARILY EXERCISABLE BY A UNIT
                        HOLDER (FOR EXAMPLE, THE RIGHT TO CALL FOR A UNIT HOLDERS’ MEETING AND
                        TO VOTE THEREAT AND THE RIGHT TO HAVE YOUR PARTICULARS APPEARING IN
                        THE REGISTER OF UNIT HOLDERS OF THE FUND).


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MAXIMUM FEES AND CHARGES PERMITTED

The maximum rate of direct fees and charges allowable by the Deed are as follows:

Name of                 Sales Charge                            Redemption Charge
Funds                   per Unit                                per Unit

PRUdana al-ilham        Up to 5.26% of the NAV                  Nil
PRUdana al-islah        per Unit of the Fund

PRUdana wafi            Up to 5.00% of the NAV                  Up to 5% of the NAV
                        per Unit of the Fund                    per Unit of the Fund

PRUdana dinamik         Up to 5.00% of the NAV                  Nil
                        per Unit of the Fund

PRUislamic              Nil                                     Nil
income fund

PRUasia pacific         Up to 6.00% of the NAV                  Nil
Shariah equity fund     per Unit of the Fund




                                                                                              Salient Terms Of Deed
The maximum rate of indirect fees and charges allowable by the Deed are as follows:

Name of               Annual Management               Annual Trustee Fee
Funds                 Fee

PRUdana al-ilham      3% on NAV of the Fund           0.2% on NAV of the Fund, subject to
PRUdana al-islah                                      a minimum of RM18,000.

PRUdana wafi          2% on NAV of the Fund

PRUdana dinamik       3% on NAV of the Fund

PRUislamic            2.50% on NAV                    0.5% on NAV of the Fund, subject to
income fund           of the Fund                     a minimum of RM18,000 per annum
                                                      (excluding foreign custodian fees and
                                                      charges)

PRUasia pacific     1.80% of the NAV of               1% of the NAV of the Fund per
Shariah equity fund the Fund per annum                annum calculated and accrued daily,
                    calculated and accrued            subject to a minimum of RM18,000
                    daily                             per annum (excluding foreign
                                                      custodian fees and charges)



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                        PROCEDURES TO INCREASE THE DIRECT AND INDIRECT FEES
                        AND CHARGES

                        Sales Charge

                        We may not charge a Sales Charge at a rate higher than that disclosed in a Prevailing
                        Prospectus unless:

                        a. we have notified the Unit Holders of the higher rate and the date on which such
                            higher	rate	is	to	become	effective;
                        b.	 a	supplemental	prospectus	stating	the	higher	rate	is	issued	thereafter;	and	
                        c. such time as may be prescribed by any relevant law shall have elapsed since the
                            supplemental prospectus is issued.

                        Repurchase Fee

                        We may not charge a Repurchase Fee at a rate higher than that disclosed in a Prevailing
                        Prospectus unless:

                        a. we have notified the Unit Holders of the higher rate and the date on which such
Salient Terms Of Deed




                            higher	rate	is	to	become	effective;
                        b.	 a	supplemental	prospectus	stating	the	higher	rate	is	issued	thereafter;	and	
                        c. such time as may be prescribed by any relevant law shall have elapsed since the
                            supplemental prospectus is issued.

                        Annual Management Fee

                        We may not charge an annual Management Fee at a rate higher than that disclosed in
                        a Prevailing Prospectus unless:

                        a.	 we	have	come	to	an	agreement	with	the	Trustee	on	the	higher	rate;
                        b. we have notified the Unit Holders of the higher rate and the date on which such
                            higher	rate	is	to	become	effective;
                        c.	 a	supplemental	prospectus	stating	the	higher	rate	is	issued	thereafter;	and	
                        d. such time as may be prescribed by any relevant law shall have elapsed since the
                            supplemental prospectus is issued.

                        Annual Trustee Fee

                        The Trustee may not charge an annual Trustee Fee at a rate higher than that disclosed in
                        a Prevailing Prospectus unless:

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a.	 we	have	come	to	an	agreement	with	the	Trustee	on	the	higher	rate;
b. we have notified the Unit Holders of the higher rate and the date on which such
    higher	rate	is	to	become	effective;	and
c. a supplemental prospectus stating the higher rate is issued thereafter



OTHER PERMITTED EXPENSES THAT MAY BE PAID OUT OF THE
FUND

Only expenses which are directly related and necessary in operating the Fund may be
charged to the Fund. These fees include but are not limited to audit fees, brokerage
commission/fees,	 tax	 and	 duties	 imposed	 by	 the	 authorities.	 Valuation	 fees,	 cost	 for	
modification of Deed, cost for preparation and distribution of Fund reports, cost of
convening meetings for Unit Holders, other than those incurred by or for the benefit of
the Manager or Trustee, are also direct expenses of the Fund.



OUR RIGHT TO RETIRE




                                                                                                   Salient Terms Of Deed
We have the power to retire in favour of some other corporation by giving to the
Trustee	twelve	(12)	months’	notice	in	writing	of	our	desire	so	to	do,	or	such	lesser	time	
as the Trustee and us may agree upon, and subject to the fulfilment of the following
conditions:

•	 we	 shall	 appoint	 such	 corporation	 by	 writing	 under	 our	 seal	 as	 the	 management	
   company of the Fund in its stead and assign and transfer to such corporation all its
   rights	and	duties	as	management	company	of	the	Fund;
•	 such	corporation	shall	enter	into	such	deed	or	deeds	as	the	Trustee	may	consider	to	
   be necessary or desirable to secure the due performance of its duties as management
   company	for	the	Fund;
•	 upon	the	payment	to	the	Trustee	of	all	sums	due	from	us	to	the	Trustee	at	the	date	
   of such retirement, we shall be absolved and released from all further obligations
   hereunder but without prejudice to the rights of the Trustee or any Unit Holder or
   other person in respect of any act or omission on our part prior to such retirement
   and the new management company may and shall thereafter exercise all the powers
   and enjoy all the rights and shall be subject to all the duties and obligations as fully as
   though	such	new	management	company	had	been	originally	a	party	to	this	Deed;




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                        OUR	POWERS	TO	REMOVE	/	REPLACE	TRUSTEE		

                        We act on your behalf and in your interests in consultation with the Trustee and the
                        relevant	authorities	and/or	with	your	approval.


                        We are obliged to give you notice in writing to consider the removal of the Trustee if the
                        Trustee fails or neglects to carry out its duties as stipulated in the Deed and under the
                        Act. We shall take all reasonable steps to replace the Trustee as soon as practicable after
                        becoming aware that:
                        •	 the	Trustee	has	ceased	to	exist;
                        •	 the	Trustee	has	not	been	validly	appointed;
                        •	 the	Trustee	is	not	eligible	to	be	appointed	or	act	as	a	trustee	under	the	Act;
                        •	 the	Trustee	has	failed	or	refused	to	act	as	Trustee	in	accordance	with	the	provisions	
                            and	covenants	of	the	Deed	and	the	provisions	of	the	Act;
                        •	 a	receiver	is	appointed	over	the	whole	or	substantial	part	of	the	assets	or	undertaking	of	
                            the Trustee and has not ceased to act under the appointment, or a petition is presented
                            for the winding up of the Trustee (other than for the purpose of and followed by a
                            reconstruction, unless during or following such reconstruction the Trustee becomes
Salient Terms Of Deed




                            or	is	declared	to	be	insolvent);	or
                        •	 the	Trustee	is	under	investigation	for	conduct	that	contravenes	the	Trust	Companies	
                            Act 1949, the Trustee Act 1949, the Companies Act 1965 or any securities law


                        The Trustee may be removed and another trustee may be appointed by Special Resolution
                        of the Unit Holders at a duly convened meeting of which notice has been given to the
                        Unit Holders in accordance with the Deed.



                        TRUSTEES RIGHT TO RETIRE

                        Provided always that the we have in place a corporation approved by the relevant
                        authorities to act as the trustee of the Fund, the Trustee may retire upon the expiration
                        of	twelve	(12)	months’,	or	such	shorter	period	as	we	may	accept,	notice	in	writing	to	us	
                        of its desire to do so.




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POWER OF TRUSTEE TO REMOVE OR REPLACE US

We may be removed by the Trustee on the grounds that:


•	 if	 we	 have	 failed	 or	 neglected	 to	 carry	 out	 our	 duties	 to	 the	 satisfaction	 of	 the	
    Trustee and the Trustee considers that it would be in your interest to do so after the
    Trustee has given notice to it of that opinion and the reasons for that opinion, and
    has considered any representations made by us in respect of that opinion, and after
    consultation with the relevant authorities and with the approval of the Unit Holders
    by	way	of	a	Special	Resolution;
•	 unless	expressly	directed	otherwise	by	the	relevant	authorities,	if	we	are	in	breach	of	
    any of our obligations or duties under the Deed or the relevant laws, or has ceased
    to	be	eligible	to	be	a	management	company	under	the	relevant	laws;	or
•	 we	 have	 gone	 into	 liquidation,	 except	 for	 the	 purpose	 of	 amalgamation	 or	
    reconstruction or some similar purpose, or has had a receiver appointed or has ceased
    to	carry	on	business;


In any of the above occurs, we shall upon receipt of a written notice from the Trustee




                                                                                                       Salient Terms Of Deed
to cease to be the management company of the Fund by the mere fact that we have
received the notice. The Trustee shall, at the same time, by writing appoint some other
corporation already approved by the relevant authorities to be the management company
of	the	Fund;	such	corporation	shall	have	entered	into	such	deed	or	deeds	as	the	Trustee	
may consider to be necessary or desirable to secure the due performance of its duties as
management company for the Fund.



TERMINATION OF THE FUND

The Fund may be terminated or wound up should the following events occur:


•	 The	SC’s	approval	is	revoked	under	section	212(7)(A)	of	the	Act;
•	 A	special	resolution	is	passed	at	a	Unit	Holders’	meeting	to	terminate	or	wind	up	
    the Fund, following occurrence of events stipulated under section 301(1) of the Act
    and the court has confirmed the resolution, as required under section 301(2) of the
    Act;



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                        •	 A	special	resolution	is	passed	at	a	Unit	Holders’	meeting	to	terminate	or	wind	up	the	
                            Fund;
                        •	 The	Fund	has	reached	its	maturity	date	as	specified	in	the	Deed;	and
                        •	 The	effective	date	of	an	approved	transfer	scheme	(if	any)	has	resulted	in	the	Fund,	
                            which	is	the	subject	of	the	transfer	scheme,	being	left	with	no	asset/property.


                        Upon the termination of the Fund, the Trustee shall:


                        a) sell all the assets of the Fund then remaining in its hands and pay out of the Fund
                            any	liabilities	of	the	Fund;	such	sale	and	payment	shall	be	carried	out	and	completed	
                            in such manner and within such period as the Trustee considers to be in the best
                            interests	of	the	Unit	Holders;	and
                        b) from time to time distribute to the Unit Holders, in proportion to the number of Units
                            held by them respectively:


                            i)   the net cash proceeds available for the purpose of such distribution and derived
                                 from the sale of the investments and assets of the Fund less any payments for
                                 liabilities	of	the	Fund;	and
Salient Terms Of Deed




                            ii)	 any	available	Cash	Produce;


                        provided always that the Trustee shall not be bound, except in the case of final distribution,
                        to distribute any of the moneys for the time being in his hands the amount of which is
                        insufficient for payment to the Unit Holders of Fifty (50) sen in respect of each Unit and
                        provided also that the Trustee shall be entitled to retain out of any such moneys in his
                        hands full provision for all costs, charges, taxes, expenses, claims and demands incurred,
                        made or anticipated by the Trustee in connection with or arising out of the winding-up of
                        the Fund and, out of the moneys so retained, to be indemnified against any such costs,
                        charges,	taxes,	expenses,	claims	and	demands;	each	such	distribution	shall	be	made	only	
                        against the production of such evidence as the Trustee may require of the title of the Unit
                        Holder relating to the Units in respect of which the distribution is made.


                        In the event of the Fund being terminated, the Trustee shall be at liberty to call upon us to
                        grant the Trustee, and we shall so grant, a full and complete release from this Deed and
                        we	shall	indemnify	the	Trustee	against	any	claims	arising	out	of	the	Trustee’s	execution	
                        of this Deed provided always that such claims have not been caused by any failure on
                        the part of the Trustee to exercise the degree of care and diligence required of a trustee
                        as contemplated by this Deed and all relevant laws.
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The Trustee shall, as soon as it becomes aware that the Fund is to be terminated and
wound-up, inform the relevant authorities of the same.


Where the termination of the Fund and the winding-up of the Fund has been occasioned
by	any	of	the	events	set	out	herein;	


a) if we have gone into liquidation, except for the purpose of reconstruction or
     amalgamation upon terms previously approved in writing by the Trustee and the
     relevant	authorities;
b)	 if,	in	the	opinion	of	the	Trustee,	we	have	ceased	to	carry	on	business;	or
c)   if, in the opinion of the Trustee, we have to the prejudice of Unit Holders failed to
     comply with the provisions of this Deed or contravened any of the provisions of any
     relevant	law;


the Trustee shall summon for a Unit Holders meeting to get directions from the Unit Holders
and also arrange for a final review and audit of the final accounts of the Fund by the
Auditor	of	the	Fund;	in	all	other	cases	of	termination	of	the	trust	and	winding-up	of	the	
Fund, such final review and audit by the Auditor of the Fund shall be arranged by us.




                                                                                              Salient Terms Of Deed
MEETINGS OF UNIT HOLDERS

The Deed provides that the Trustee, you as Unit Holders or us, as the Manager may convene
Unit	Holders’	Meetings.	A	resolution	of	Unit	Holders	may	be	required	pursuant	to	the	
Deed for specific purposes, e.g. making certain amendments to the Deed, increasing the
fees payable to the Trustee and us, or removing the Trustee or us.


Quorum Required for Convening a Unit Holders Meeting


The quorum required for a meeting of the Unit Holders shall be five (5) Unit Holders,
whether present in person or by proxy, provided always that the quorum for a meeting of
the	Unit	Holders	convened	for	the	purpose	of	removing	the	Manager	and/or	the	Trustee	
shall be ten (10) Unit Holders, Whether present in person or by proxy, who must hold in
aggregate at least fifty per centum (50%) of the Units in circulation at the time of the
meeting. If the Fund has five (5) or less Unit Holders, the quorum required for a meeting
of the Unit Holders of the Fund shall be two (2) Unit Holders, whether present in person


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                        or	by	proxy;	if	the	meeting	has	been	convened	for	the	purpose	of	removing	the	Manager	
                        and/or	the	Trustee,	the	Unit	Holders	present	in	person	or	by	proxy	must	hold	in	aggregate	
                        at least fifty per centum (50%) of the Units in circulation at the time of the meeting.



                        Unit Holders meeting convened by Unit Holders


                        Unless otherwise required or allowed by the relevant laws, we shall, within twenty-one
                        (21)	days	of	receiving	an	application	from	not	less	than	fifty	(50)	or	one-tenth	(1/10)	of	
                        all the Unit Holders, whichever is less, summon a meeting of the Unit Holders by:


                        a) sending by post at least seven (7) days before the date of the proposed meeting a
                             notice	of	the	proposed	meeting	to	all	the	Unit	Holders;	and
                        b) publishing at least fourteen (14) days before the date of the proposed meeting an
                             advertisement giving notice of the proposed meeting in a national language newspaper
                             published daily and another newspaper approved by the relevant authorities.
                        c)   specifying in the notice the place and time of the meeting and the terms of the
                             resolutions to be proposed at the meeting.
Salient Terms Of Deed




                        The Unit Holders may apply to us to summon a meeting for any purpose including, without
                        limitation, for the purpose of:


                        a)	 requiring	the	retirement	or	removal	of	us;
                        b)	 requiring	the	retirement	or	removal	of	the	Trustee;
                        c)	 considering	the	most	recent	financial	statements	of	the	Fund;	or
                        d)	 giving	to	the	Trustee	such	directions	as	the	meeting	thinks	proper;


                        provided always that we shall not be obliged to summon such a meeting unless application
                        has	been	received	from	not	less	than	fifty	(50)	or	one-tenth	(1/10)		of	all	the	Unit	Holders,	
                        whichever is the lesser number.


                        Unit Holders meeting convened by Manager or Trustee


                        We	or	the	Trustee	may	convene	a	Unit	Holders’	meeting	by	giving	Unit	Holders	written	
                        notice in the manner prescribed by the Deed or the relevant laws.




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Approvals And Conditions                                      152

Conflict Of Interest                                          154

Taxation	Adviser’s	Letter	On	Taxation	Of	The	Funds	           156
And Unit Holders




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                    14. Approvals And Conditions

                    The	SC’s	approval	for	the	establishment	of	the	Fund	has	been	obtained	with	the	variation	
                    and exemption from the guidelines on unit trust funds as follows:-


                    •	 The	Guidelines	on	Unit	Trust	Funds	requires	the	maximum	size	of	a	unit	trust	fund	to	
                        be determined. The Prudential Islamic Trust currently consists two (2) other funds with
                        a collective maximum fund size of six hundred million (600,000,000) Units. We have
                        obtained the approval of the SC that no separate maximum fund size be established
                        for the Funds, instead the Funds share the pool of six hundred million (600,000,000)
                        Units approved for the Prudential Islamic Trust.
                    •	 We	have	sought	and	obtained	the	SC’s	approval	for	a	variation	of	and	an	exemption	
                        from the Guidelines on Unit Trust Funds that stipulates that the payment of redemption
                        monies to you should be made within ten (10) days of a repurchase request. The SC
                        has allowed us to make such payment within fifteen (15) calendar days of a repurchase
                        request if the value of redemption requests on any one Business Day in respect of
                        any	Fund	exceeds	30%	of	that	Fund’s	NAV.	This	is	to	enable	us	more	opportunity	to	
                        liquidate assets of the Fund at more reasonable prices without causing a huge loss
                        in value to the Fund and affect all of you, the Unit Holders of that Fund.
                    •	 Further	to	the	variation	to	the	Guidelines	on	Unit	Trust	Funds,	we	have	also	sought	
                        and	obtained	the	SC’s	approval	for	a	variation	of	and	an	exemption	from	the	same	
                        Guidelines, that the buying price of units should be based on the NAV per Unit as at
                        the valuation point following our receipt of a redemption request. The SC has allowed
                        us to implement the variation where the value of redemption requests on any one
                        Business	Day	in	respect	of	any	Fund	exceeds	30%	of	that	Fund’s	NAV.	Should	we	
                        implement	the	special	mechanism	for	redemption/	switching,	the	redemption	monies	
                        will be calculated based on the Buying Price as and when assets are liquidated and
                        in proportion to the total redemptions received.
Other Information




                    If you have requested redemption of 1 million units when an exceptional huge redemption
                    occurs	and	this	variation	to	the	Guidelines	is	effected,	this	is	how	you	will	be	paid.	Let’s	
                    say the total redemption is 10 million units, hence your redemption is 10% against total
                    redemption.


                    As we sell off assets of the Funds over several days to meet the huge redemption requests,
                    there will be several Buying Prices being computed. However, the basis of computing




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the daily NAV of the Fund and the Buying Price remains the same as that illustrated on page
95.


Assuming the liquidation of assets takes three days to complete. Below are details on
computation	of	the	investor’s	redemption	proceeds	based	on	several	Buying	Prices.



Business           Total Cash     Buying Price      Total Units Your Redemption                    Your
Day              Available for        per Unit    Available for     Quantum (Up to        Redemption
                Redemptions                       Redemptions 10% of Total Units               Proceed
                                                                        Available for
                                                                        Redemption)
                      ( a ) RM         ( b ) RM       ( c ) Units          ( d ) Units   ( b ) x ( d ) RM
Day 1               1,904,800           0.4762       4,000,000               400,000            190,480
Day 2               2,261,500           0.4523       5,000,000               500,000            226,150
Day 2               1,400,100           0.4667       3,000,000               100,000             46,670
                                                                           1,000,000            463,300
As illustrated, your redemption request will be based on the Buying Prices on three valuation
points on three days, instead of just one valuation on the day we receive your request.




                                                                                                            Other Information




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                    15.	Related	Party	Transactions	/	Conflict	Of	Interest	

                    As the management company of the Funds, we observe high standards of integrity and
                    fair dealing to your best and exclusive interests. We will not conduct transactions in any
                    manner which will result in unnecessary costs or risk to the Funds. We will also avoid
                    conflicts of interest and will act in a manner as will avoid any disadvantage to the Funds,
                    if	such	conflicts	should	arise.	We	shall	not,	without	the	Trustee’s	prior	approval,	invest	
                    any moneys available under the Deed in any securities, property and assets in which we
                    or any of our officer (includes Directors and staff) has a financial interest or from which
                    we or any of our officer, derives a benefit.


                    A	person	shall	be	deemed	to	have	a	financial	interest	in	securities	if	he/she	has	an	interest	
                    or interests in one or more voting shares in the company and the nominal amount of
                    that share, or the aggregate of the nominal amounts of those shares, is not less than
                    five (5) per centum of the aggregate of the nominal amounts of all the voting shares in
                    the company.


                    In making an investment transaction for the Funds, we are obliged not to make improper
                    use of its position in managing the Funds to gain, directly or indirectly, any advantage for
                    ourselves or for any other person or to cause detriment to your interests. If the interests
                    of the Directors or the Investment Committee Members conflict with the interests of the
                    Funds, they will not be allowed to participate in the decision-making process in respect
                    of the matter. Additionally, all our employees have to disclose their personal dealings to
                    the Compliance Unit, which monitors such dealings.


                    As at 1 June 2009, none of our Directors (save for Mr. Julian Christopher Vivian Pull) and
                    Investment Committee Members has any direct or indirect interest in other corporations
Other Information




                    carrying on a similar business as Prudential Fund Management Berhad either locally or in
                    foreign	and	none	of	our	Adviser,	Auditor	and	Tax	Adviser	has	interest/potential	interest	
                    or	conflict	of	interest/potential	conflict	of	interest	in	us.




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HSBC (Malaysia) Trustee Berhad policy on dealing with conflict of interest
element


Where HSBC (Malaysia) Trustee Berhad is the Trustee and the Valuer for the Fund, where
applicable,	there	may	be	proposed	related	party	transactions	and/or	conflict	of	interest	
involving or in connection with the Funds in the following events:


(1) where the Fund invests in instrument(s) offered by the HSBC Group (e.g. placement
    of	monies,	structured	products,	etc);
(2)	 where	the	Fund	is	being	distributed	by	the	HSBC	Group	as	IUTA;	
(3) where the assets of the Fund are being custodised by the HSBC Group both as sub-
    custodian	and	global	custodian	of	the	Fund	(i.e.	Trustee’s	delegate);	and
(4) where the Fund obtains financing as permitted under the Guidelines, from the HSBC
    Group.


The Trustee has in place policies and procedures to deal with any conflict of interest
situation.	The	Trustee	will	not	make	improper	use	of	its	position	as	the	owner	of	the	fund’s	
assets to gain, directly or indirectly, any advantage or cause detriment to the interests
of Unit Holders. Any related party transaction is to be made on terms which are best
available to the Fund and which are not less favourable to the Fund than an arms-length
transaction between independent parties.
                                                                                                Other Information




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                    16.	Taxation	Adviser’s	Letter	on	Taxation	of	the	Fund
                        and Unit Holders
                    PricewaterhouseCoopers Taxation Services Sdn Bhd
                    Level 10, 1 Sentral
                    Jalan Travers
                    Kuala Lumpur Sentral
                    P.O.Box 10192
                    50706 Kuala Lumpur


                    The Board of Directors
                    Prudential Fund Management Berhad
                    Level 12, Menara Prudential
                    10, Jalan Sultan Ismail
                    50250 Kuala Lumpur


                    TAXATION OF THE TRUSTS OFFERED UNDER PRUDENTIAL
                    DANA AL-ILHAM, PRUDENTIAL DANA AL-ISLAH, PRUDENTIAL
                    DANA WAFI, PRUDENTIAL DANA DINAMIK, PRUDENTIAL
                    ISLAMIC INCOME FUND, PRUDENTIAL ASIA PACIFIC SHARIAH
                    EQUITY FUND AND UNITHOLDERS

                    Dear Sirs,


                    This letter has been prepared for inclusion in the Prudential Islamic Master Prospectus in
                    connection with the offer of units in Prudential Dana Al-Ilham, Prudential Dana Al-Islah,
                    Prudential Dana Wafi, Prudential Dana Dinamik, Prudential Islamic Income Fund and
                    Prudential Asia Pacific Shariah Equity Fund (“the Trusts”).
Other Information




                    The taxation of income for both the Trusts and the Unitholders are subject to the
                    provisions of the Malaysian Income Tax Act 1967 (“the Act”). The applicable provisions
                    are contained in Section 61 of the Act, which deals specifically with the taxation of Trust
                    bodies in Malaysia.



                    TAXATION OF THE TRUSTS

                    The Trusts will be regarded as resident for Malaysian tax purposes since the Trustees of
                    the Trusts are resident in Malaysia.



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The income of the Trusts consisting of dividends, interest1 (other than interest1 which are
exempt from tax) and other investment income derived from or accruing in Malaysia,
after deducting tax allowable expenses, is liable to Malaysian income tax at the current
prevailing rate of 25 per cent.


Gains on disposal of investments by the Trusts will not be subject to income tax.


Tax Credit


Dividends received by the Trusts would have suffered tax deduction at source at 25 per cent,
unless specific exemptions apply e.g. pioneer dividends. No additional tax will be payable
by the Trusts on the dividends. However, such tax or part thereof will be refundable to the
Trusts if the total tax so deducted at source exceeds the tax liability of the Trusts.


With effect from 1 January 2008, Malaysia introduced the single tier system where
dividends paid by companies would not be taxable in the hands of the recipient. Dividends
received from companies that are under the single tier system would be exempted from tax
and the expenses incurred on such dividends would be disregarded. There will no longer
be any tax refunds for single tier dividends received. However, during the transitional
period from 1 January 2008 to 31 December 2013, companies may still elect to maintain
the imputation system where dividends paid are taxed at source and tax credits available
to recipients.


Exempt Income


Income of the Trusts in respect of income received from overseas investment is exempt
from Malaysian tax by virtue of Paragraph 28 of Schedule 6, of the Act and distributions
                                                                                               Other Information




from such income will be tax exempt in the hands of the Unitholders.


The Trusts may receive Malaysian dividends which are tax exempt. The exempt dividends
may be received from investments in companies which had previously enjoyed or are
currently enjoying the various tax incentives provided under the law. The Trusts will not
be taxable on such exempt income. With effect from 1 January 2008, dividends received
from companies under the single tier system would also be exempted.


Interest1 or discount income derived from the following investments are exempt from
tax:



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                    (a)		Securities	or	bonds	issued	or	guaranteed	by	the	Government;	
                    (b) Debentures, other than convertible loan stocks, approved by the Securities
                        Commission;	and
                    (c) Bon Simpanan Malaysia issued by Bank Negara Malaysia.


                    Interest1 derived from the following investments are exempt from tax:


                    (a) Interest paid or credited by any bank or financial institution licensed under the Banking
                        and	Financial	Institutions	Act	1989	or	the	Islamic	Banking	Act	1983;	and
                    (b) Bonds, other than convertible loan stocks, paid or credited by any company listed on
                        Malaysia Exchange of Securities Dealing and Automated Quotation Berhad.


                    The interest1	 or	 discount	 income	 exempted	 from	 tax	 at	 the	 Trusts’	 level	 will	 also	 be	
                    exempted from tax upon distribution to the Unitholders.


                    Tax Allowable Expenses


                    Expenses wholly and exclusively incurred in the production of gross income are allowable
                    as deductions under Section 33(1) of the Act. In addition, Section 63B of the Act provides
                    for	tax	deduction	in	respect	of	managers’	remuneration,	expenses	on	maintenance	of	the	
                    register of Unitholders, share registration expenses, secretarial, audit and accounting fees,
                    telephone charges, printing and stationery costs and postages based on a formula subject
                    to a minimum of 10 per cent and a maximum of 25 per cent of the expenses.


                    Real Property Gains Tax


                    With effect from 1 April 2007, any gains on disposal of real properties or shares in real
Other Information




                    property companies would not be subject to real property gains tax pursuant to the
                    exemption granted under the Real Property Gains Tax (Exemption) (No. 2) Order 2007.



                    TAXATION OF UNITHOLDERS

                    Unitholders will be taxed on an amount equivalent to their share of the total taxable
                    income of the Trusts to the extent of the distributions received from the Trusts. The
                    income distribution from the Trusts will carry a tax credit in respect of the tax paid by the




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Trusts. Unitholders will be entitled to utilise the tax credit against the tax payable on the
income distribution received by them. No additional withholding tax will be imposed on
the income distribution from the Trusts.


Corporate Unitholders, resident2 and non-resident, will generally be liable to income
tax at 25 per cent on distribution of income received from the Trusts. The tax credits
attributable to the distribution of income can be utilised against the tax liabilities of
these Unitholders.


Individuals and other non-corporate Unitholders who are tax resident in Malaysia will
be subject to income tax at graduated rates ranging from 1 per cent to 27 per cent.
Individuals and other non-corporate Unitholders who are not resident in Malaysia will be
subject to income tax at 27 per cent. The tax credits attributable to the distribution of
income will be utilised against the tax liabilities of these Unitholders.


Non-resident Unitholders may also be subject to tax in their respective jurisdictions and
depending on the provisions of the relevant tax legislation and any double tax treaty with
Malaysia, the Malaysian tax suffered may be creditable in the foreign tax jurisdictions.


The distribution of exempt income and gains arising from the disposal of investments by
the Trusts will be exempted from tax in the hands of the Unitholders.


Any gains realised by Unitholders (other than those in the business of dealing in securities,
insurance companies or financial institutions) on the sale or redemption of the units are
treated as capital gains and will not be subject to income tax.


Unitholders electing to receive their income distribution by way of investment in the form
                                                                                                Other Information




of new units will be regarded as having purchased the new units out of their income
distribution after tax.


Unit splits issued by the Trusts are not taxable in the hands of Unitholders.


We hereby confirm that the statements made in this report correctly reflect our
understanding of the tax position under current Malaysian tax legislation. We recommend
that investors obtain independent advice on the tax issues associated with their investments
in the Trusts.




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                    Yours faithfully,
                    for and on behalf of
                    PRICEWATERHOUSECOOPERS TAXATION SERVICES SDN BHD




                    Frances Po
                    Senior Executive Director



                    PricewaterhouseCoopers Taxation Services Sdn Bhd have given their written consent to the
                    inclusion of their report as Taxation Adviser in the form and context in which it appears in
                    this Prudential Islamic Master Prospectus and have not withdrawn such consent prior to
                    the delivery of a copy of this Prudential Islamic Master Prospectus for approval.




                    1
                          Under section 2(7) of the Income Tax Act 1967, any reference to interest shall apply, mutatis
                          mutandis, to gains or profits received and expenses incurred, in lieu of interest, in transactions
                          conducted in accordance with the principles of Syariah.

                          The effect of this is that any gains or profits received and expenses incurred, in lieu of interest, in
                          transactions conducted in accordance with the principles of Syariah, will be accorded the same
                          tax treatment as if they were interest.

                    2
                          Resident companies with paid up capital in respect of ordinary shares of RM2.5 million and below
                          will pay tax at 20 per cent for the first RM500,000 of chargeable income with the balance taxed
                          at 25 per cent.
Other Information




                          Under the Finance Act 2009, with effect from the year of assessment 2009, the above shall not
                          apply if more than -

                    (a) 50 per cent of the paid up capital in respect of ordinary shares of the company is directly or
                        indirectly	owned	by	a	related	company;

                    (b) 50 per cent of the paid up capital in respect of ordinary shares of the related company is directly
                        or	indirectly	owned	by	the	first	mentioned	company;

                    (c)   50 per cent of the paid up capital in respect of ordinary shares of the first mentioned company
                          and the related company is directly or indirectly owned by another company.

                          “Related company” means a company which has a paid up capital in respect of ordinary shares
                          of more than RM2.5 million at the beginning of the basis period for a year of assessment.



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ADDITIONAL INFORMATION

Consent                                                          162


Our Discretion                                                   162


Representations                                                  162


The Deed                                                         163


Anti-money Laundering                                            163



DOCUMENTS AVAILABLE FOR INSPECTION

Documents Available For Inspection                               165




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                    17. Additional Information

                    CONSENT

                    The Trustee, Shariah Adviser, Auditor, and Taxation Adviser have given and have not
                    withdrawn	their	written	consent	to	the	inclusion	in	this	Prospectus	of	their	names	and/
                    or	report/letter	in	the	form	and	context	in	which	their	names	appear.



                    MEETINGS OF UNIT HOLDERS

                    The Deed provides that the Trustee, you as Unit Holders or we, as the Manager may
                    convene	Unit	Holders’	Meetings.	A	resolution	of	Unit	Holders	may	be	required	pursuant	to	
                    the Deed for specific purposes, e.g. making certain amendments to the Deed, increasing
                    the fees payable to the Trustee and us, or removing the Trustee or The Manager.



                    OUR DISCRETION

                    As provided for in the Deed, we have the absolute discretion to accept or reject, in whole
                    or in part, any application for Units.



                    REPRESENTATIONS

                    Investing in unit trust funds involves certain risks and considerations associated generally
                    with	making	investments	in	securities.	The	value	of	the	Fund’s	investments	may	be	affected	
                    generally by factors affecting financial markets, such as price and volume, volatility in
Other Information




                    interest rates, currency exchange rates, changes in regulatory and administrative policies
                    of the Government or any other appropriate authority (including tax laws) or other political
                    and economic developments. Consequently, there can be no assurance that the Fund
                    offered in this Prospectus would achieve the stated objectives. We have not authorised
                    any person to give any information or make any representations, either oral or written,
                    not stated in this Prospectus in connection with issue of Units under the Fund. You are
                    accordingly advised not to rely upon any information or representations not incorporated
                    in this Prospectus. Any subscription, purchase or sale made by any person on the basis
                    of statements or representations which are not contained in this Prospectus or which are
                    inconsistent with the information contained herein shall be solely at your risk.


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THE DEED

Copies of the Deed may be obtained from us at a cost of RM20.00 each. Alternatively, the
Deed may be viewed free of charge at our offices during normal business hours. We may
agree with the Trustee to modify the Deed by a supplemental deed, provided that in the
opinion of the Trustee such modification does not materially prejudice your interests, does
not operate to release to any material extent the Trustee or us from any responsibility under
the Deed, and (except for any fees and expenses incurred in relation to the preparation of
the supplemental deeds) will not result in an increase in the amount of costs and charges
payable	out	of	the	Fund’s	assets	or	otherwise.	In	all	other	cases,	modifications	require	the	
sanction of a resolution passed by two-thirds of the Unit Holders at a meeting convened
for that purpose. The SC may nevertheless require that such a resolution be obtained if
it considers that a modification prejudices your interests.



ANTI-MONEY LAUNDERING

We have anti money laundering policies in place where we will perform checks on all
customers without exception. Application for Units must be accompanied by proper
identification documents for our verification. All customers will be checked against various
reliable sources for money laundering information. Enhanced due diligence process will
be conducted on high risk customers which would require our top managements review.
Any cases which are suspicious will be reported to our internal Anti Money Laundering
Officer who is the Director, Legal, Compliance and Risk Management, who will then report
the matter to the Securities Commission and Bank Negara Malaysia.
                                                                                                   Other Information




Money Laundering is a process intended to conceal the benefits derived from unlawful
activities which are related, directly or indirectly, to any serious offence so that they appear
to have originated from a legitimate source.


The Anti-Money Laundering Act (AMLA) was passed by Parliament in 2001 and gazetted
as law in 2003. The Financial Intelligent Unit (FIU) of Bank Negara Malaysia (BNM) has been
established to carry out the functions as the competent authority under the AMLA. All
market intermediaries under the Capital Market and Services Act 2007 and management
companies approved by the Securities Commission under the Securities Commission Act



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                    1993(“SCA”) are obliged to comply with the provisions of the Anti-Money Laundering
                    Act 2001(“AMLA”).


                    Under the AMLA, any person who:


                    a)	 engages	in,	or	attempts	to	engage	in;	or	
                    b) abets the commission of, money laundering, commits an offence and shall on
                        conviction be liable to a fine not exceeding five million ringgit or to imprisonment
                        for a term not exceeding five years or both.
Other Information




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18. Documents Available For Inspection

The following documents, for a period of not less than 12 months from the date of this
Prudential	Islamic	Master	Prospectus,	may	be	inspected	at	the	Trustee’s	and	our	offices	
without charge:


PRUdana al-ilham, PRUdana al-islah, PRUdana dinamik, PRUdana wafi, PRUislamic income
fund and PRUasia pacific Shariah equity fund


•	 the	Deed;
•	 any	 material	 contract	 or	 document	 referred	 to	 in	 this	 Prudential	 Islamic	 Master	
    Prospectus;
•	 the	latest	annual	and	interim	reports	of	the	Fund;
•	 all	 reports,	 letters	 or	 other	 documents,	 valuations	 and	 statements	 by	 any	 expert,	
    any part of which is reproduced or referred to in this Prudential Islamic Master
    Prospectus;
•	 our	audited	accounts	and	that	of	the	Funds	from	date	of	commencement	to	year	
    2008;	and
•	 any	consent	given	by	experts	or	persons	whose	statement	appears	in	the	Prudential	
    Islamic Master Prospectus.




                                                                                                   Other Information




                             165_Customer Service: 03-2332 1000
                                                Prudential Islamic Master Prospectus



                    19.	Directors’	Declaration
                    This Prudential Islamic Master Prospectus has been reviewed and approved by the directors
                    of Prudential Fund Management Berhad and they collectively and individually accept full
                    responsibility for the accuracy of the information. Having made all reasonable inquiries,
                    they confirm to the best of their knowledge and belief, there are no false or misleading
                    statements, or omission of other facts which would make any statement in the Prudential
                    Islamic Master Prospectus false or misleading.


                    Directors:




                    Dato’	Tharmaratnam	a/l	Kanagaratnam




                    Ho Yik




                    Mark Toh Chin Hian
Other Information




                    Tan Sri Datuk Abdul Rahim bin Haji Din




                    Julian Christopher Vivian Pull


                                                166_Customer Service: 03-2332 1000
                           Prudential Islamic Master Prospectus



List of Distribution Channels
Affin Bank Berhad                             CIMB Bank Berhad & its branches
17th Floor Menara Affin                       nationwide
80 Jalan Raja Chulan                          Wealth Management, Retail Banking
50200 Kuala Lumpur                            Level 3, Menara Southern Bank
Tel: (603) 2055 9000                          83, Medan Setia 1, Plaza Damansara
                                              Bukit Damansara
Alliance Bank Malaysia Berhad                 50490 Kuala Lumpur
KLCCB Building                                Tel: 1-300-880-900
8, Jalan Binjai Off Jalan Ampang,
50450 Kuala Lumpur                            CIMB Investment Bank Berhad
Malaysia                                      10th Floor, Bangunan CIMB,
P.O.Box 10069                                 Jalan Semantan,
50704 Kuala Lumpur                            Damansara Heights
Tel: (603) 2054 7688                          50490 Kuala Lumpur
                                              General Contact No.: (603) 2084 8888
AmBank (M) Berhad
Wealth Management,                            Citibank Berhad
Level 31, Menara AmBank,                      Menara Citibank
No. 8 Jalan Yap Kwan Seng,                    165 Jalan Ampang
50450 Kuala Lumpur                            50450 Kuala Lumpur
Malaysia                                      Tel: (603) 2383 0000
Tel: (603) 2167 3399
                                              ECM Libra Investment Bank Berhad
AmInvestment Bank Berhad                      1st, 2nd & 3rd Floor
18th Floor Bangunan AmBank Group              Wisma Genting
55 Jalan Raja Chulan                          Jalan Sultan Ismail
50200 Kuala Lumpur                            50250 Kuala Lumpur
Tel: (603) 2036 2633                          Tel: (603) 2178 1888

ASM Investment Services Berhad                EON Bank Berhad
Ground Floor, Wisma ASMB, 1A Jalan            12th Floor, Menara EON Bank
                                                                                     Other Information




Lumut                                         288, Jalan Raja Laut
P.O.Box 10701,                                50350 Kuala Lumpur
50722 Kuala Lumpur                            Tel: (603) 2612 8888
Tel: (603) 4145 3800
Fax: (603) 4145 3901                          Hong Leong Bank Berhad
                                              Level 3A, Wisma Hong Leong,
                                              18 Jalan Perak,
                                              50450 Kuala Lumpur
                                              Tel: (603) 2164 2828




                           167_Customer Service: 03-2332 1000
                                               Prudential Islamic Master Prospectus




                    HSBC Amanah Malaysia Berhad                   OCBC Al-Amin Bank Berhad
                    2 Leboh Ampang                                25th Floor, Wisma Lee Rubber
                    50100 Kuala Lumpur                            1 Jalan Melaka
                    Tel: (603) 2070 0744                          50100 Kuala Lumpur
                    Fax: (603)-2070 1146                          General Enquiries: 1300 88 0310

                    HSBC Bank Malaysia Berhad                     OCBC Bank (Malaysia) Berhad
                    2 Leboh Ampang                                Menara OCBC, 18 Jalan Tun Razak
                    50100 Kuala Lumpur                            50050 Kuala Lumpur
                    Tel: (603) 2070 0744                          Tel: 1-300-88-5000
                    Fax: (603)-2070 1146
                                                                  Phillip Mutual Berhad
                    iFAST Capital Sdn Bhd                         B-2-7, Megan Avenue II,
                    Level 28, Menara Standard Chartered,          12 Jalan Yap Kwan Seng,
                    No 30 Jalan Sultan Ismail,                    50450 Kuala Lumpur
                    50250 Kuala Lumpur,                           Tel: (603) 2783 0300
                    Malaysia                                      Fax: (603) 2711 3036
                    Tel: (603) 2149 0600
                                                                  RHB Bank Berhad
                    Kenanga Fund Management Berhad                Investment Services, Wealth Management
                    (formerly known as Kenanga Unit Trust         Level 2, Tower II & III
                    Berhad)                                       RHB Centre, Jalan Tun Razak
                    5.06, 5th Floor, Kenanga International        50400 Kuala Lumpur
                    Jalan Sultan Ismail                           Tel: (603) 9206 8118
                    50250 Kuala Lumpur
                    General Tel: (603) 2057 3688                  Standard Chartered Bank Malaysia Berhad
                    General Fax: (603) 2057 3788                  No. 30, Jalan Sultan Ismail
                                                                  50250 Kuala Lumpur
                    Kuwait Finance House (Malaysia) Berhad        Tel: (603) 2117 7777
                    Level 18, Tower 2, Etiqa Twins
                    11 Jalan Pinang                               The Royal Bank Of Scotland
Other Information




                    50704 Kuala Lumpur                            Level 1, Menara Maxis
                    Tel: (603) 2055 7777                          Kuala Lumpur City Centre
                                                                  50088 Kuala Lumpur
                    Malayan Banking Berhad                        Tel: (603) 2160 9888
                    Menara Maybank
                    100 Jalan Tun Perak                           United Overseas Bank (Malaysia) Bhd
                    50050 Kuala Lumpur                            Level 13, Menara UOB, Jalan Raja Laut,
                    Tel: (603) 2070 8833                          50350 Kuala Lumpur
                    Fax: (603) 2031 3493                          Tel: (603) 2692 7722




                                              168_Customer Service: 03-2332 1000
            Prudential Fund Management Berhad (531241-U)
  Level 12, Menara Prudential, 10 Jalan Sultan Ismail, 50250 Kuala Lumpur.
      General Tel No.: 03-2052 3388 General Fax No.: 03-2070 6129
Customer Service: 603-2332 1000 Customer Service Fax No.: 603-2026 5577
                   Email: pfmbservice@prudential.com.my
                   website: www.prudential.com.my

				
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