Amanah Mutual launches RM200m Islamic fund

KUALA LUMPUR: Amanah Mutual Bhd (AMB), a wholly-owned subsidiary of Amanah Saham Nasional Bhd (ASNB) yesterday launched a RM200 million Islamic money market fund, the AMB Dana Nabeel.

The fund will appeal to investors seeking low-risk investments that are in accordance with syariah principles. It aims to pay dividend on a monthly basis, subject to the level of income the fund generates.

"In order to achieve the stated objective of the fund, at least 90 per cent of the fund's NAV (net asset value) will be invested in short-term syariah-compliant deposit, money market instruments and debentures with maturity of not more than 365 days," Permodalan Nasional Bhd (PNB) chairman Tun Ahmad Sarji Abdul Hamid said in his speech.

Also present at the launch were Minister of International Trade and Industry Datuk Seri Mustapa Mohamed and PNB president and group chief executive Tan Sri Hamad Kama Piah Che Othman.

A minimum investment of RM5,000 is required for individual investors with a minimum additional investment of RM1,000.

Meanwhile, corporate investors are subjected to a minimum initial investment of RM50,000 with a minimum additional investment of RM10,000.

With the introduction of AMB Dana Nabeel, AMB now has 17 funds under its management.

Besides AMB Dana Nabeel, other syariah-compliant funds it manages are AMB Dana Arif, AMB Dana Yakin, AMB Dana Ikhlas and AMB Dana Aqeel.

Currently, AMB manages assets valued at RM3.56 billion and is ranked seventh out of 38 unit trust management companies in the country.

Together with ASNB, the total unit trust funds under the management of PNB is 133.88 billion units with a market share of 44 per cent in terms of units in circulation.