TheEdge
KUALA LUMPUR: OSK-UOB Unit Trust Management Bhd (OSK-UOB) has launched its latest fund, the OSK-UOB Institutional Islamic Money Market Fund, which will invest in a portfolio of Islamic money market instruments and other short-term Sukuk and placements of syariah-based deposits.
OSK-UOB chief executive officer Ho Seng Yee said: “This Institutional Islamic Money Market Fund aims to provide investors with a high level of liquidity whilst providing reasonable returns by investing in low risk instruments that complies with syariah requirements.”
“Research from Bank Negara Malaysia has shown that, since January 2007 Malaysia’s Sukuk represented 67% of the total global Sukuk outstanding valued at US$46.8 billion.
“Islamic money market grew in tandem with capital market development made possible with Bank Negara liquidity operation such as sale and buy back agreement of Islamic securities for short-term liquidity,” he said.
He said other benefits of the fund included tax shield, no penalty interest in case of emergencies, hassle cash free management and extremely low risk with high liquidity. It also aims to provide investors with a potential dividend payout on a monthly basis.
With an approved fund size of 600 million units, the fund is offered to institutional corporations and high net worth investors at an initial unit price of RM1. The offer period is one day only and the initial minimum investment amount is RM50,000.
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