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Berjaya Mutual

ABOUT US

Company Overview

Berjaya Mutual Berhad ("Berjaya Mutual") is a subsidiary of Berjaya Capital Berhad. Berjaya Mutual was incorporated in Malaysia on 24 September 1990 under the Companies Act, 1965. The principal business of Berjaya Mutual encompasses the management of unit trust funds and portfolio management.

Our Heritage

Since 1990

See all awards →

24 Sep 1990Incorporated in Malaysia under the Companies Act, 1965.
2018InterPac Dynamic Equity Fund and InterPac Dana Safi recognised as Best Fund Over 3 Years (Mixed Asset MYR Flexible).
2021InterPac Dynamic Equity Fund recognised as Best Fund Over 10 Years (Mixed Asset MYR Flexible).
2022 – 2023InterPac Dana Safi recognised again in 2022, and both funds in 2023, as Best Fund Over 3 Years.
2024Operating as Berjaya Mutual Berhad, formerly Inter-Pacific Asset Management Sdn Bhd.
Today36 years of managing unit trust funds and portfolios, as a subsidiary of Berjaya Capital Berhad.
Our Leadership

Board of Directors

YAM Tunku Tun Aminah Binti Sultan Ibrahim Ismail

Non-Executive Chairman
Non-Executive Chairman

YAM Tunku Tun Aminah Binti Sultan Ibrahim Ismail - Non-Executive Chairman

Her Highness was appointed to the Board on 6 April 2023.

Her Highness graduated from the prestigious LA Salle School of Arts in Singapore.

Currently, Her Highness is the Chairman of Berjaya Corporation Berhad, REDtone Digital Berhad, Berjaya Assets Berhad, Berjaya Capital Berhad, Berjaya Hartanah Berhad and Bukit Kiara Resort Berhad. Her Highness has considerable experience in heading private organisations across a broad range of industries and is a Director on the board of several other private companies, including Berjaya Waterfront Sdn Bhd, Cekap Urus Sdn Bhd, Jauhari Maksima Sdn Bhd and Ibzi Holdings Sdn Bhd. Her Highness also holds the Kentucky Fried Chicken (KFC) franchise in Stulang Laut, Johor Bahru.

Datuk Seri Farhash Wafa Salvador J.P.

Non-Executive Deputy Chairman
Non-Executive Deputy Chairman

Datuk Seri Farhash Wafa Salvador J.P. - Non-Executive Deputy Chairman

Datuk Seri Farhash Wafa Salvador possesses a Master of Science In Finance (Merit) from the University of Portsmouth, United Kingdom, which was earned in 2007. He had also graduated with Honours Degree of Bachelor of Arts in Business Administration from the same university in 2005. On 26 May 2021, another milestone was achieved when he was awarded an Executive Certificate in Public Leadership by the prestigious Harvard Kennedy School at Harvard University.

Datuk Seri Farhash was appointed to the Board of Berjaya Mutual Berhad on 9 October 2023. In addition to his significant leadership role as Chairman in 7-Eleven Malaysia Holdings Berhad, Berjaya Construction Berhad, Apex Equity Holdings Berhad and Excel Force MSC Berhad, he also holds directorship positions in several other companies.

Datuk Seri Farhash is a distinguished figure in the world of business and leadership, renowned for his exceptional achievements and contributions to various industries. He has left an indelible mark as an entrepreneur, an inventor, and a board member in esteemed organizations. His impressive academic qualifications, entrepreneurial spirit, and dedication have set him apart as an influential and impactful leader.

Husaini Hussin

Independent Non-Executive Director
Independent Non-Executive Director

Husaini Hussin - Independent Non-Executive Director

Husaini Hussin holds a degree in Actuarial Mathematics from the University of Michigan, Ann Arbor, USA. With more than 30 years of experience spanning the oil and gas, fin-tech consulting, and retirement services sectors, he brings deep strategic and operational insight to his current board role at Berjaya Mutual Berhad.

Husaini spent 13 years at Private Pension Administrator Malaysia (PPA); the first 4 years as its Chief Operating Officer where he undertook the operationalisation of the Private Retirement Schemes (PRS) ecosystem, and the last 9 years as its Chief Executive Officer. With his strong leadership, and under the regulatory framework of Securities Commission Malaysia, he led PPA with the PRS Providers to grow the industry since its inception in 2012.

Husaini had also served the industry as Treasurer of Institutional Investors Council (IIC), and Industry Fellow at Social Well-being Research Centre (SWRC), University of Malaya. Presently, he sits on the Board of Financial Planning Association Malaysia (FPAM) and serves as its Honorary Secretary since 2021.

Nor Azmi Md Yusof

Independent Non-Executive Director
Independent Non-Executive Director

Nor Azmi Md Yusof - Independent Non-Executive Director

Nor Azmi Md Yusof graduated with a Bachelor degree in Business Administration, double majoring in Finance and Real Estate from Temple University, Philadelphia, USA. In addition, he later attended an Executive Leadership programme with INSEAD University.

A highly accomplished and visionary senior banking leader with an extensive 32-year tenure at CIMB, successfully ascending the corporate ladder from Executive to Senior Managing Director / Regional Head of Consumer Sales and Distribution Channels. Recognized for driving unprecedented business growth, steering nationwide operations across more than 250 branches, and consistently surpassing ambitious performance targets. Backed by a strong academic foundation in finance and real estate, alongside elite global leadership training from INSEAD.

His previous responsibilities included directing nationwide retail operations and sales distribution strategies, successfully overseeing a sprawling network of over 250 branches across Malaysia.

Spearheaded multi-channel distribution initiatives, seamlessly integrating physical branch networks with emerging electronic banking platforms to enhance customer accessibility and engagement.

Consistently outperformed organizational metrics, securing a reputation as a turnaround and growth catalyst who has had exceeded assigned targets.

He has received multiple internal recognitions, most notably awarded Best Head CSD and Best Regional Director for outstanding sales performance, operational excellence, and exemplary leadership.

His professional philosophy includes committed to empowering teams, fostering a culture of high accountability, and delivering sustainable, value-driven financial services that elevate both customer satisfaction and institutional bottom-line growth.

David Lai Yoon Hui

Non-Independent Director
Non-Independent Director

David Lai Yoon Hui - Non-Independent Director

Mr. David Lai graduated with Bachelor of Psychology and Business from Monash University Malaysia and has a total of 11 years of experience in investment research and fund management. He began his career in 2012 as an equity analyst at Inter-Pacific Research Sdn Bhd, covering various sectors and providing opinions on stock valuation and sector reviews. In 2014, he moved to Berjaya Mutual Berhad ("Berjaya Mutual"), where he managed unit trust funds and private mandates, focusing on investment strategies based on fund objectives and risk tolerance. He was a licensed fund manager’s representative during this period and was responsible for evaluating fund performance and managing associated risks.

In 2017, Mr. David Lai returned to Inter-Pacific Research to establish a mentorship program and support staff development. He received a nomination for The Edge’s Best Call Awards in 2018 and mentored a staff member who won a Best Call Award in 2017.

In June 2023, he returned to Berjaya Mutual to leverage his expertise in the capital market industry and was appointed to the Board of Berjaya Mutual on 16 June 2023. His years of experience have equipped him with the skills to assess and mitigate risks, making him valuable for risk oversight and contributing to strategic decision-making regarding risk management. He is also capable of advising the Board on regulated activities and supervising representatives in these activities.
Management Team

Key Personnel

Muhammad Syafiq Bin Azman

Acting Chief Executive
Acting Chief Executive

Muhammad Syafiq Bin Azman - Acting Chief Executive

Encik Muhammad Syafiq Bin Azman brings over 13 years of experience in corporate strategy, mergers and acquisitions, capital raising, and business transformation across the financial services and investment holding sectors.

He began his career at United Overseas Bank (Malaysia) Berhad before joining Bursa Malaysia Berhad, where he served as Head of Retail Development, Securities Market Division. He subsequently held senior management positions at Berjaya Corporation Berhad and Berjaya Capital Berhad before joining Bank Muamalat Malaysia Berhad as Head of Group Strategy in July 2025. He returned to Berjaya Group in January 2026.

Encik Syafiq holds a Bachelor of Arts in Accounting and Finance from the University of the West of England, Bristol, United Kingdom, and a Master of Business Administration specialising in Global Business from Coventry University, United Kingdom.

Chai Su Keong

General Manager Finance & Operation
General Manager Finance & Operation

Chai Su Keong - General Manager Finance & Operation

Mr. Chai Su Keong was appointed General Manager of Finance and Operations at Berjaya Mutual Berhad on 1 October 2025. He is a Fellow of the Association of Chartered Certified Accountants (FCCA) and a Chartered Accountant with the Malaysian Institute of Accountants, C.A.(M).

Mr. Chai has broad experience in finance, accounting, auditing, taxation, budgeting, corporate affairs, and fund management operations, gained through his career with multinational organisations.

Prior to joining Berjaya Mutual Berhad, he served as Associate Director at AIA Pension and Asset Management, where he managed and oversaw the full spectrum of finance and fund operations for seven years.

Dahlia Mohd Razali

Head Compliance
Head Compliance

Dahlia Mohd Razali - Head Compliance

Dahlia Mohd Razali joined Berjaya Mutual Berhad in November 2023. Prior to this, she served as Compliance Officer for Muamalat Invest Sdn Bhd for 5 years. Previously, she was the Compliance Officer for both MIDF Amanah Asset Management Berhad and MIDF Investment Bank Berhad for more than 10 years. She started her career as an Internal Auditor at Malaysian Industrial Development Finance Berhad in October 1996.

She holds a Bachelor (Hons) in Business Administration, majoring in Finance from De Montfort University, United Kingdom in 1996. She also holds Advance Certification in AML/CFT from International Compliance Association. She has over 29 years of working experience in capital market industry.

Mohd Zaki Mohd Saat

Head Customer Services
Head Customer Services

Mohd Zaki Mohd Saat - Head Customer Services

Mohd Zaki Mohd Saat joined Berjaya Mutual Berhad (“Berjaya Mutual”) in April 2024. He holds a Bachelor of Business Administration (Hons) in Banking and Finance from Multimedia University (MMU) and is a Unit Trust Consultant (UTC) registered with the Federation of Investment Managers Malaysia (FIMM).

Prior to joining Berjaya Mutual, he spent 6 years in the Business Development Department at Muamalat Invest Sdn Bhd, where he was responsible for business development, client servicing, and managing client onboarding processes to ensure compliance and a seamless client experience.

Earlier in his career, he accumulated 10 years of experience in the banking industry, holding various roles across Operations, Business and Product Development, MIS and Analytics, Client Servicing, and Project Implementation.
Shariah Adviser

Shariah Compliant Funds of Berjaya Mutual Berhad

  1. InterPac Dana Safi
  2. InterPac Dana Abadi
  3. Private Mandate Local Investment
  4. Private Mandate U.S Market
  5. Berjaya Mutual Shariah Private Credit Fund I
  6. Berjaya Amanah Income Fund
Shariah Adviser

Corporate Information

SALIHIN Shariah Advisory Sdn Bhd (SALIHIN) is a registered Shariah Advisory firm with the Securities Commission Malaysia (SC) and the Labuan Financial Services Authority (LFSA). This registration enables SALIHIN Shariah Advisory Sdn Bhd to advise on all Shariah-based products and services regulated by the SC and LFSA and to be appointed as a Shariah adviser. SALIHIN Shariah Advisory Sdn Bhd is a group member firm of SALIHIN International which is a global network of independent member firms providing professional services in the areas of audit and assurance, tax, corporate advisory, digital consultancy, and Shariah advisory. Leveraging on the experienced international and local Shariah advisers as well as drawing on the global knowledge and resources of SALIHIN member firms, SALIHIN Shariah Advisory Sdn Bhd provides advisory and consultancy in Islamic Capital Market, Islamic Banking, Fund Management, Takaful, Islamic Wealth Management, Zakat and Waqf, Training, Shariah Audit/Review, Fintech, among others. SALIHIN is founded by (Dr.) Salihin Abang in 2010 and the firm is headed and managed by (Dr.) Ahcene Lahsasna as the Chief Executive Officer since 2018. Dr. Ahcene is also the designated person responsible for Shariah advisory matters of the Funds where he is being assisted by the following consultants:

  1. En. Ahmad bin Zainul Abidin, Shariah Officer
  2. En. Mohamad Salihin bin Deris, Principal Shariah Consultant
  3. Pn. Zarina binti Md Desa, Director and Head of Shariah Advisory
Shariah Adviser

The Consulting Team

The following designated persons are responsible for Shariah advisory matters of the Funds:

Dr. Ahcene Lahsasna

Chief Executive Officer
Chief Executive Officer

Dr. Ahcene Lahsasna - Chief Executive Officer

Dr. Ahcene Lahsasna currently serves as the Chief Executive Officer of SALIHIN Shariah Advisory Sdn Bhd. Previously, he served as an Associate Professor at INCEIF. Dr. Ahcene holds a Ph.D. in Islamic Law and Islamic Jurisprudence from IIUM, and another Ph.D. in Economics and Business from the Business School at UM. He is a member of the Grand Council and a Fellow Member of Chartered Institute of Islamic Finance Professionals (CIIF), a Fellow Member of the Association of Shari’ah Advisors Malaysia (ASAS), and a Fellow at the Malaysian Financial Planning Council (MFPC). Additionally, he serves as the Chairman of the Shari’ah Committee of Standard Chartered Saadiq Bank (Malaysia), and Chairman at Munich Re (Re-takaful – Malaysia). He holds several professional certifications including CPIF (Chartered Professional Islamic Finance) and RFP (Registered Financial Planner). He is also an Accredited and Certified Trainer by CIBAFI (General Council for Islamic Banks and Financial Institutions in Bahrain), as well as a Certified Trainer by MFPC and HRD Corp. With over 30 authored books, Dr. Ahcene has been honoured with the Global Business Leadership Award in 2017 and 2019, and in 2022, he received the GIFA award for Shari’ah Advisory leadership.

En. Ahmad bin Zainul Abidin

Shariah Officer
Shariah Officer

En. Ahmad bin Zainul Abidin - Shariah Officer

Ahmad Zainul Abidin is a Shariah Officer and an Executive Director at Salihin Shariah Advisory since 2011, he has driven the development of innovative Shariah-based financial products and systems, with an accomplished Islamic finance professional with extensive expertise in Islamic microfinance, banking, Takaful, and Waqf projects. With over 25 years of experience, he has held leadership roles across various industries, excelling in product development, compliance, and digital innovation. Additionally, he holds a Master in Islamic Finance from INCEIF and is a Certified Islamic Banker (CIBAFI), with a strong academic foundation in IT and Islamic Revealed Knowledge. Fluent in multiple languages, he combines technical proficiency with a deep passion for disruptive business models and Islamic finance principles.

En. Mohamad Salihin Deris

Principal Shariah Consultant
Principal Shariah Consultant

En. Mohamad Salihin Deris - Principal Shariah Consultant

Mohamad Salihin, is a seasoned Islamic finance professional who brings with him approximately 25 years of experience in Islamic banking and finance sector. He is currently the Chairman of Shariah Committee for AmMetLife Takaful Berhad and a Member of Shariah Committee for Affin Islamic Bank Berhad as well as has been a registered Shariah Adviser with the Securities Commission of Malaysia. He started his career as a policy maker with Bank Negara Malaysia (BNM) in its Islamic Banking & Takaful Department in-charge of formulation of legal and regulatory policy for Islamic finance as well as advising on Shariah matters. He then became industry practitioner in CIMB Islamic Bank and Hong Leong Islamic Bank in order to gain practical industry exposure in Shariah advisory, consultation and compliance review. He then served the Association of Islamic Banking Institutions Malaysia (AIBIM) as a Director in overseeing the management of Shariah and regulatory compliance affairs of member banks. He then joined the senior management and leadership team in Bank Pembangunan Malaysia Berhad with the role of Group Head of Shariah Management to lead its Shariah team in Shariah governance strategy formulation and implementation. Afterwards, he joined Islamic Banking & Finance Institute Malaysia (IBFIM), as the Director and Principal Shariah Consultant leading the Shariah consultancy business. In this role, he has led the Shariah consultancy team to assist clients on Shariah compliance solutions for their businesses and also trained industry talents for Islamic finance certifications. He holds double-degree in Bachelor of Laws (Hons) and Bachelor of Laws (Shariah) (Hons) from International Islamic University of Malaysia (IIUM). Professionally, he holds Associate & Intermediate Qualification in Islamic Finance (AQIF & IQIF) certifications from IBFIM and the professional qualification of Certified Shariah Advisor (CSA) as conferred by the Association of Shariah Advisors in Islamic Finance (ASAS). He is a Fellow Member of ASAS and currently serving as its EXCO. Apart from that, he is also an Ordinary Member of the Institute of Corporate Directors Malaysia (ICDM) and an Affiliate Member of the Asian Institute of Chartered Bankers (AICB). He is also an HRDCorp certified trainer.

Pn. Zarina Md Desa

Director and Head of Shariah Advisory
Director and Head of Shariah Advisory

Pn. Zarina Md Desa - Director and Head of Shariah Advisory

Zarina Md Desa is the Head of Shariah Advisory of SSA since 2018. Prior to joining SSA, she worked in the Malaysian financial industry in various capacities and work areas namely risk management, credit bureau services, project management, committee secretariat, marketing, credit processing, call centre operations, customer service, complaint management, recruitment, learning development, performance management and statutory reporting. Her involvement in the Islamic Finance area started in the Kingdom of Bahrain where she lectured on the subject matter at several higher learning institutions. Currently, her main area of responsibilities at SSA includes managing all aspects of Shariah advisory engagements for local and foreign clients. She holds a Bachelor Degree in Finance & Management from University of Oregon USA, MBA from University Utara Malaysia and Chartered Islamic Finance Professional (CIFP) from INCEIF. Zarina is also a Chartered Member of Chartered Institute of Islamic Finance Professionals (CIIF) and Certified Islamic Banker (CIB), accredited by CIBAFI.

Responsibilities

The ultimate responsibility for ensuring proper compliance of the Funds and private mandate with all related aspects rests solely with the Manager. The responsibility of the Shariah Adviser is to provide advisory solely for the Shariah-compliant Funds and private mandate only and not inclusive of other conventional funds or private mandates.

GET TO KNOW OUR INVESTMENT APPROACH

Our Investment Approach

We employ a bottom-up stock-picking approach based on thorough fundamental analysis (conducting in-depth financial and business analysis) and integrate technical analysis (using a momentum strategy / indicators) to optimise entry and exit points. Our adaptable strategy considers macroeconomic, political and social trends.

We analyse price movements and trading volumes to identify momentum stocks and exploit market trends. We further incorporate psychological and behavioural analysis to understand market emotions and investor behaviour.

About Us

Financial Highlights

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

  Year Ended 30th June
  2025 (RM) 2024 (RM) 2023 (RM)
Paid-up Capital 50,000,000 15,000,000 15,000,000
Shareholder’s Funds 47,995,730 15,877,180 13,259,999
Revenue 11,395,547 19,213,857 8,759,848
Pre-tax Profit (1,909,360) 1,747,461 1,172,272
After-tax Profit (1,768,279) 1,521,131 721,832
About Us

Awards

2023

InterPac Dynamic Equity Fund award Inter-Pacific Asset Management Sdn Bhd

InterPac Dynamic Equity Fund

Best Fund Over 3 Years
Mixed Asset MYR Flexible

InterPac Dana Safi award Inter-Pacific Asset Management Sdn Bhd

InterPac Dana Safi

Best Fund Over 3 Years
Mixed Asset MYR Flexible

2022

InterPac Dana Safi award Inter-Pacific Asset Management Sdn Bhd

InterPac Dana Safi

Best Fund Over 3 Years
Mixed Asset MYR Flexible

2021

InterPac Dynamic Equity Fund award Inter-Pacific Asset Management Sdn Bhd

InterPac Dynamic Equity Fund

Best Fund Over 10 Years
Mixed Asset MYR Flexible

2018

InterPac Dynamic Equity Fund award Inter-Pacific Asset Management Sdn Bhd

InterPac Dynamic Equity Fund

Best Fund Over 3 Years
Mixed Asset MYR Flexible

InterPac Dana Safi award Inter-Pacific Asset Management Sdn Bhd

InterPac Dana Safi

Best Fund Over 3 Years
Mixed Asset MYR Flexible

ABOUT US

Roles & Responsibilities

Roles & Responsibilities

The Manager, Berjaya Mutual, is responsible for the overall management and administration of the Funds in line with the Deed, SC’s Guidelines and relevant laws. Its main responsibilities include the following:-

  • Managing the Funds in line with the Funds’ objectives as set out in the Deed
  • Administering the sales/repurchase transactions
  • Issuing reports (interim/annual report) to Unit holders on a timely basis
  • Ensure timely distribution of income or additional units, if any, to Unit holders
  • Maintain proper records of the Funds

The Manager's Delegate

Human Resource Services – Berjaya Securities Sdn Bhd

The Manager (Berjaya Mutual) has appointed Berjaya Securities Sdn Bhd (BSecurities), its related company, to perform the back-office functions of Human Resource. BSecurities was incorporated on 30 August 1972 and is a Participating Organisation of Bursa Malaysia Securities Berhad as well as a Trading Participant of Bursa Malaysia Derivatives Berhad. BSecurities ensures that the back-office functions of Human Resource are performed to support the Manager.

Information Technology Services – Litera Learn Resources Sdn Bhd

The Manager (Berjaya Mutual) has appointed Litera Learn Resources Sdn Bhd (Litera Learn) to provide Information Technology (IT) support services which encompasses back-office functions of IT, IT infrastructure support, IT network, IT security and corporate website support. Litera Learn was incorporated on 28 March 2017. Litera Learn ensures that IT support services and IT back office functions are performed to support the Manager.

Fund Accounting, Valuation, Registrar and Transfer Agency Services – KFin Technologies (Malaysia) Sdn Bhd

KFin Technologies (Malaysia) Sdn Bhd (“KFinTech”) – Company No. 201601007727 (1178655-U), incorporated in Malaysia on 8 March 2016 and registered under the Companies Act 1965, has been appointed to provide fund accounting, valuation, registrar and transfer agency services for all funds and mandates / portfolios under the management of Berjaya Mutual Berhad. Its business address is Suite 16.01, Level 16, Menara IMC, 8 Jalan Sultan Ismail, 50250 Kuala Lumpur.

KFinTech’s responsibilities include performing valuations of investments held by the Funds and mandates / portfolios, maintaining financial accounting records, including transaction data, records and investment ledgers, maintaining the register of Unit Holders, processing transactions, performing reconciliations, and preparing relevant communications to Unit Holders.

In providing fund accounting and administration services, KFinTech is supported by KFin Technologies Limited in India in the processing of daily fund administration transactions.

Internal Audit Services - BDO Governance Advisory Sdn Bhd

The Manager (Berjaya Mutual) has appointed BDO Governance Advisory Sdn Bhd (BDO GA) to perform the internal audit function. BDO GA was incorporated in June 1997. BDO GA provides a wide range of services which includes internal audit function. BDO GA tailored its internal audit practice to assist clients in driving value and evaluating the effectiveness, efficiency and economy of operational functions and processes. The roles and responsibilities of BDO GA towards this arrangement shall encompass that of the overall internal audit functions that provides Berjaya Mutual's Board of Directors the assurance it requires regarding the adequacy and integrity of the system of internal controls. The internal audit undertakes periodic reviews of internal control systems and the review of compliance with the business objectives, policies, reporting standards and control procedures of the Manager. BDO GA shall report directly to the Manager's Risk and Compliance Committee and Board of Directors to provide independent assurance, ensure transparency and accountability of reporting.