TheEdge
KUALA LUMPUR: Al Rajhi Bank (Malaysia) will exclusively distribute AmMutual’s feeder fund, the Namaa’ Asia-Pacific Equity Growth, which will invest mainly in Asia-Pacific equities.
In a joint statement yesterday, the parties said it would be the first feeder fund to invest in Asia-Pacific equities with its investment managed out of Malaysia.
The fund is only available at all 19 Al Rajhi Bank branches throughout Malaysia.
The fund seeks to grow the value of investment in the longer term by investing in listed equities and equities related investments and other Islamic instruments that conform to the principles of syariah across Asia Pacific (ex-Japan).
“We believe the Asia-Pacific capital market is a good investment destination as it has attractive companies and reasonable valuations while proven to provide better support due to expected stronger growth in domestic consumption in Asia Pacific,” said Sabry Ghouse, director of retail banking, Al Rajhi Bank (Malaysia).
Sabry said the annualised growth rate of 40% per annum for Islamic funds showed a strong demand for Islamic funds as compared to 23% per annum for the total industry in the last seven years. Al Rajhi Bank is also the syariah adviser of the fund.
As a feeder fund, it will invest a minimum of 95% of the net asset value in the Malaysian-based AmNamaa’ Asia-Pacific Equity Growth, which diversifies geographical risk by investing across Asia Pacific and is denominated in US dollars.
The feeder fund has a maximum approved fund size of 200 million units, and is being offered at 50 sen per unit.
The minimum initial investment is RM1,000 with subsequent minimum investments of RM500 each. The offer period ends on Sept 4, 2008.
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