BIMB Investment launches first wakaf featured unit trust fund
KUALA LUMPUR: BIMB Investment Management Bhd (BIMB Investment), a whollyowned subsidiary of Bank Islam Malaysia Berhad, launched the Makmur myWakaf Fund (MWF), the First Wakaf Featured Unit Trust Fund under the Securities Commission Malaysia (SC) WaqfFeatured Fund Framework that was introduced on November 12, 2020 and a Qualified Sustainable and Responsible Investment (SRI) Fund under the SC Guidelines on Sustainable and Responsible Investment Funds.
BIMB Investment is the first fund management company to structure and design a wakaf unit trust fund, hence, introducing a new investment dimension into the fund management industry in Malaysia.
Chairman of BIMB Investment, Mohamed Ridza Mohamed Abdulla said, “Finally, after two years of research , BIMB Investment introduces the Makmur myWakaf Fund conceptualising it into reality.
“This product is unique in its features as it combines Shariahbased principles in mobilising funds for the betterment of society. Apart from social finance , the focus in healthcare, education and community empowerment whilst providing investment returns for investors makes this fund truly innovative.
“We collaborate with various stakeholders including the Securities Commission Islamic Capital Market Division, Bank Islam’s Centre of Social Finance, Strategic Relations Division and, the Association of Islamic Bank Malaysia (AIBIM) on this initiative. It is my hope that the team in BIMB Investment continues to introduce exciting products in our efforts to grow and develop Islamic Finance.”
The Makmur myWakaf fund aims at investors who wish to channel a part of their investment returns for wakaf purposes to underprivileged communities in the mentioned focused sectors in Malaysia.
The Makmur myWakaf Fund aims to distribute monthly income distribution, subject to availability of income and channel 50 per cent of the income distribution for wakaf purposes through AIBIM’s myWakaf initiative. 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 Wakaf Asset.
Makmur myWakaf Fund is qualified under the Guidelines on Sustainable and Responsible Investment Funds. Makmur myWakaf Fund is designed to deliver income through tactical asset allocation and a diversified combination of local and global Shariah-compliant portfolio with monthly income distribution, subject to availability of income. — Bernama