Another step forward in the development of Malaysia’s Islamic Personal Finance…

FROM July 1, Malaysians will be able to invest directly in Islamic funds distributed in the country, the Securities Commission (SC) said.

“Prior to this, local investors would have to invest in a feeder fund in Malaysia to gain exposure to foreign funds,” it said in a statement.

Dubai International Financial Centre (DIFC) Islamic funds could be offered to Malaysians next month.

www.thestar.com.my

It seems that one of the planet’s largest bank is adopting the “Wait-and-See” strategy. With most of the banks branching into Islamic banking, Citibank announced that they will only be looking at it next year.

Too many things on the plate already?

CITIBANK Bhd will look into the possibility of setting up an Islamic banking subsidiary only next year, its top official said.

“(Malaysia) is an Islamic hub for us, for the region and in some instances around the globe, and so clearly it is something that we will look at.

“But chances are we’ll only look at it next year,” said Piyush Gupta, the bank’s country officer and chief executive officer.

Citibank has “no plans” to launch an Islamic subsidiary this year, he added.

Source: Business Times

2 more up and coming fund from Public Mutual Berhad- PB Asean Dividend Fund (PBADF) and PB Islamic Cash Management Fund (PBICMF). PBADF’s 1% free unit offer is valid till 28th May.

Source from Business Times…

PBADF is a moderate-risk equity income fund that seeks to provide income by investing in a portfolio of stocks in domestic and regional markets.

Up to 70 per cent of the fund’s net asset value (NAV) can be invested in selected regional markets including Singapore, Indonesia, Thailand, the Philippines and Vietnam. The equity exposure of PBADF will generally range from 75 per cent to 95 per cent of its NAV.

PBICMF is an Islamic money market fund that is actively managed to provide liquidity and current income, while maintaining capital stability by investing in instruments that comply with Syariah requirements.

Public Mutual will be launching a new oversea Islamic fund focusing on dividend yielding assets. Price of each unit is 25 sen and offer period starts 3rd April for 3 weeks.

Business Times on PIADF…

Chairman Tan Sri Dr Teh Hong Piow said the PIADF is a moderate-risk Islamic equity income fund that seeks to provide income by investing in a portfolio of stocks in domestic and regional markets, and offer or have the potential to offer attractive dividend yields.

“Up to 70 per cent of the fund’s net asset value (NAV) can be invested in selected foreign markets which include South Korea, China, Taiwan, Hong Kong, the Philippines, Indonesia, Singapore, Thailand, Australia, New Zealand and other approved markets.

“The equity exposure of PIADF will generally range from 75 per cent to 90 per cent of its NAV,” Teh said in a press release.

For more info…

Here’s another new Islamic financial product from AmIslamic Bank to hit the market soon.

Business Times on the new Islamic Investment-linked Plan…

AMISLAMIC Bank has signed a tripartite distribution agreement with Takaful IKHLAS Sdn Bhd and Munich-based international financial services group, FWU AG, to offer takaful investment products in Malaysia.

Under the deal, a takaful investment-linked plan will be distributed through AmBank and AmIslamic Bank?? branches throughout the country.