MALAYSIA: Maybank Asset
Management (Maybank AM) has announced the launch of the Maybank Global
Sukuk Fund, the firm’s debut US-denominated global Sukuk fund. Currently
only available in Malaysia, the fund is aimed at investors with a
moderate risk appetite and seeking regular income. Maybank AM anticipates
that the new fund will complement and diversify investors’ existing
investment exposures in ringgit-denominated Sukuk funds and equity funds.
With new global Sukuk issuance expected to top US$100 billion in volume
by the end of the year, the global Sukuk market has welcomed the entry of
a number of new issuers in 2014. According to Dealogic data,
ringgit-denominated Sukuk leads the board with US$19 billion of Sukuk issued
in the past year. US dollar-denominated Sukuk are not far behind however,
with a share of US$17.9 billion of the market over the last 12 months and
recent issuers such as Goldman Sachs, Hong Kong and South Africa choosing
to utilize the currency for their issuances.
Nor’ Azamin Salleh, CEO of Maybank Asset Management Group, elaborates:
“Increased demands and a burgeoning supply of global Sukuk funds are
clear indications that global investors today understand Islamic
instruments better and are seeking alternatives to other conservative
options. With Malaysia in the limelight as an exemplary model to other
jurisdictions, the launch of the fund is timely for us to ride on the
wave of the growing momentum of increasing Islamic instruments
acceptance. Despite offering the fund to Malaysia for now, we are in
talks with our overseas counterparts to distribute the fund in other
markets.”
The open-ended product offers investment in a portfolio of Sukuk and
Islamic liquid instruments with a medium to long-term investment horizon.
Opened this week, the fund has an initial offer period of 21 days, which
ends on the 17th November and a minimum investment amount of
US$1,000. As a global fund, the Maybank Global Sukuk Fund provides access
to GCC economies and is also open to non-Muslim investors.
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