KUALA LUMPUR, March 3 — BIMB Investment Management Bhd (BIMB Investment), a wholly-owned subsidiary of Bank Islam Malaysia Bhd, has launched the Makmur myWakaf Fund (MWF), the First Wakaf Featured Unit Trust Fund and a Qualified Sustainable and Responsible Investment (SRI) Fund.
BIMB Investment said the WMF fund is aimed at distributing monthly income distribution, subject to availability of income and channel 50 per cent of the income distribution for wakaf (endowment) purposes through the Association of Islamic Bank Malaysia’s (AIBIM) myWakaf initiative.
It said a half-yearly wakaf asset report will be featured in the fund’s interim and annual reports, from which, unit holders will be informed on the distribution of the asset.
BIMB Holdings Bhd and Bank Islam Malaysia Bhd chief executive officer (CEO) Mohd Muazzam Mohamed said MWF is a testament to the Islamic finance community’s camaraderie in developing an innovative product that will forever change the Islamic finance landscape.
“Now, with MWF, all Malaysians have access to wakaf instruments in the form of investment and at the same time contributing to social and community development across the country.
“AIBIM’s myWakaf, as the wakaf administrator of the fund, will provide professional administration of the wakaf for the benefit of the society nationwide,” he said.
Meanwhile, BIMB Investment CEO Najmuddin Mohd Lutfi said MWF is tailor-made for investors looking to incorporate social finance into their investment strategy.
“We believe that wakaf has great potential in developing the economy and generate an overall positive and sustainable impact on Malaysia’s economy, community and environment.
“MWF is a multi-currency, global mixed assets Shariah-compliant fund and in support of the Malaysia International Islamic Financial Centre’s initiatives,” he added.
Najmuddin said the fund is aimed at generating income through a diversified portfolio of Shariah-compliant investments across different asset classes both locally and globally.
“All securities will go through sustainability and environmental, social and governance screening.
“The fund is offered in ringgit, US dollar and Australian dollar with an initial offer price of 25 sen/cent per unit with a minimum initial investment of only RM200, US$200 and AU$200,” said Najmuddin.
For more information about the fund, can contact 1-800-88-1196 or visit www.bimbinvestment.com.my. — Bernama
