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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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