BIMB Investment Management Berhad, a subsidiary of Bank Islam, has revealed that it aims to achieve RM50 million worth of asset under management (AUM) for its Makmur myWakaf Fund in 2021. The fund, which was introduced early last month, has already managed to raise RM11 million as of March 2021.
The Makmur myWakaf Fund is a multi-currency, Shariah-compliant global mixed asset fund which supports the Malaysian International Islamic Financial Centre (MIFC) initiative. The fund seeks to generate income through Shariah-compliant investments in various asset classes – both locally and globally. It is able to distribute monthly income and channel 50% of the income distribution as Wakaf Asset for wakaf purposes through the myWakaf AIBIM (Association of Islamic Banking and Financial Institutions Malaysia) initiative.
Additionally, the Makmur myWakaf Fund is also the first wakaf unit trust fund to be rolled out under the Securities Commission (SC) Waqf-Featured Fund Framework – a fairly new framework that was introduced in November 2020. On top of that, the fund is recognised as a qualified sustainable and responsible investment (SRI) fund under the SC’s guidelines on sustainable and responsible investment funds. It also incorporates the principles of the United Nations Global Compact (UNGC) and Environmental, Social, and Governance (ESG).
The chairman of BIMB Investment, Ridza Mohamed Abdulla further explained that the Makmur myWakaf Fund will have investments in the sukuk market, shariah-compliant equities, and low-risk assets. This includes 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,” said Ridza, adding that BIMB Investment is targeting a minimum profit distribution of 5% p.a..
Ridza also noted wakaf’s significant role in the economic development and wellbeing of a country. “With this in mind, the Makmur myWakaf Fund was created as an effort to strengthen and further expand the efforts related to wakaf, in line with the changes of the times and current technology to ensure that the benefits can be channelled to those in need,” he said.
Meanwhile, Minister in the Prime Minister’s Department (Religious Affairs) Datuk Seri Dr Zulkifli Mohamad Al-Bakri said that wakaf is an important instrument in Islam that can spur the development and economy of the ummah. He further commented that BIMB Investment had taken a unique and innovative step with the Makmur myWakaf Fund.
“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,” said Datuk Seri Zulkifli.
Those who are interested in investing in the Makmur myWakaf Fund will be able to do so via three asset classes – RM, USD, and AUD – with the minimum initial investment amount set at RM200, USD200, and AUD200, respectively. The fund is also accessible through BIMB Investment’s robo-intelligence investment app, BEST Invest.
(Sources: BIMB Investment, Bernama)