Unit trust firm Amanah Mutual Bhd (AMB) plans to launch more Islamic capital-protected funds to meet rising demand for such products at home and abroad. AMB, owned by the country's biggest fund manager, Permodalan Nasional Bhd (PNB), yesterday introduced its fourth Islamic fund.
"We think that now is the right time for us to gradually introduce these kind of Islamic products as can be seen from the demand from countries such as Singapore, Hong Kong, France and South Korea, which are becoming more aware of their potential," PNB president and group chief executive Tan Sri Hamad Kama Piah Che Othman said.
He was speaking at the launch of the capital-protected AMB Dana Aqeel, a RM150 million fund, by Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir in Kuala Lumpur yesterday.
Hamad Kama Piah said, he intends for AMB to become PNB's flagship for Islamic funds.
"New markets that could be attempted by AMB would be around the Asian region like Singapore, Indonesia and Thailand, and the UK," said Hamad Kama Piah, who is also an AMB director.
AMB Dana Aqeel is a three-year fund, comprising 300 million units at 50 sen each.
At least 85 per cent of the fund's net asset value will be invested in local Islamic bonds, while the rest will go towards syariah-compliant equities and cash equivalent instruments.
AMB may issue more units should the fund be fully taken up before the 45-day subscription period ends on April 22. The fund is benchmarked against the 12-month general investment account rates of commercial banks, which is at about 2.74 per cent.
The minimum investment for individual investors is RM1,000 while for corporates and institutions, it is RM5,000.
Last Updated 2015-05-14 12:00:44 by admin2