KUALA LUMPUR, April 5 — Bank Islam Malaysia Bhd’s wholly-owned subsidiary, BIMB Investment Management Bhd is targeting the asset under management (AUM) subscription for its recently launched Makmur myWakaf Fund to reach RM50 million by year end.
BIMB Investment chairman Mohamed Ridza Mohamed Abdulla said Makmur myWakaf Fund is the first wakaf unit trust fund under the Securities Commission Malaysia Waqf-featured Fund Framework that was introduced on Nov 12, 2020.
“As at March 2021, it managed to raise RM11 million,” he told a press conference after the official launch of the fund today, by Minister in the Prime Minister’s Department (Religious Affairs), Datuk Dr Zulkifli Mohamad Al-Bakri.
He said BIMB Investment was also targeting a minimum profit distribution of five per cent per annum with 50 per cent of the income distribution as Wakaf Asset for wakaf purposes and the balance for investors.
Makmur myWakaf Fund is a multi currency, Shariah-compliant global mixed asset fund and supports the Malaysian International Islamic Financial Centre (MIFC) initiative.
The fund aims to generate income through a diversified portfolio of Shariah-compliant investments in various asset classes locally and globally.
In terms of investment strategy, Mohamed Ridza said the exposure is allocated to the Sukuk market, Shariah-compliant equities and low risk assets such as Islamic money market instruments to maintain potential income opportunities.
“The fund enables investors to participate in the revenue prospects of the Malaysian, Asia Pacific and global markets with tactical asset allocation.
“This innovative fund is suitable for corporate investors as well as individuals who want to channel part of their investment returns for wakaf purposes to help the underprivileged community, especially in the areas of healthcare, education and community empowerment,” he said.
Meanwhile, Zulkifli in his speech said wakaf is an important instrument in Islam that serves as a catalyst for the development and economy of the ummah.
“It provides an easy and convenient platform for Malaysians to contribute towards the greater good. The result can be realised in this world and in the hereafter,” he said.
Investors can invest in Makmur myWakaf Fund through three asset classes namely RM, USD and AUD with a minimum initial investment of RM200, USD200 and AUD200.
Investors can also invest in Makmur myWakaf Fund through BIMB Investment’s robo-intelligence app, ‘BEST Invest’. — Bernama
