Wednesday, June 18, 2014

RHBAM introduces new fund on the back of improved performance of the global Sukuk market

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MALAYSIA: RHB Asset Management, a subsidiary of the fourth-largest integrated financial services group in the country, has introduced the RHB-OSK Global Sukuk Fund – Series 1, a close-ended Shariah compliant fund that invests into a concentrated portfolio of global Islamic fixed income instruments with at least 70% of its net asset value invested in Sukuk to lock in yields. It carries a medium-term investment horizon of three years and assumes moderate risks.
In a statement to Islamic Finance news, Ho Seng Yee, CEO of RHBAM, affirmed his confidence in the performance of the global Sukuk market. “The global Sukuk market continues its recovery trajectory in line with the improved global economy. This would provide a stronger support for more issuances with better and improved credit standing. We believe there are opportunities arising from debt instruments investments that will offer consistent and regular income to investors,” said Ho.
According to RHBAM the fund adopts a simple structure that offers better returns compared to Islamic deposits of similar investment tenor. The initial issue price of the fund is RM1 (US$0.31) per unit, with a minimum investment of RM1,000 (US$310.11). It aims to provide a 4.5% yearly return of investors’ initial investment amount as well as to preserve and return an investor’s capital at the end of the fund’s tenor.
RHBAM’s Global Sukuk Fund enables investors to tap into a well-diversified portfolio of Sukuk, Islamic commercial papers, Islamic bankers’ acceptances and Islamic notes issued by corporations, financial institutions, supra-nationals, governments and their agencies on a global scale. The fund’s investments additionally include Islamic money market instruments as well as Islamic deposits.
RHB Banking Group, the parent company of both RHBAM and RHB Islamic Bank, registered a pre-tax profit of RM2.47 billion (US$765.97 million) in the first half of 2013, marking a 3.6% year-on-year growth despite an 11.5% drop in profitability. Total income reached RM6 billion (US$1.86 billion), attributed to an increase in net interest income and customer-driven non-interest income. The banking conglomerate has regional presence in nine countries including Singapore, Indonesia, Thailand, Brunei, Cambodia, Hong Kong, Vietnam and Laos.

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