BIMB Investment chairman Mohamed Ridza Mohamed Abdulla said the Makmur myWakaf Fund is unique as it combines Shariah-based principles in mobilising funds for the betterment of society. KUALA LUMPUR: BIMB Investment Management Bhd launched the Makmur myWakaf Fund (MWF) on Wednesday which is for investors who wish to channel a part of their investment returns for wakaf purposes to underprivileged communities in Malaysia. BIMB Investment is the first fund management company to structure and design a wakaf unit trust fund, hence, introducing a new investment dimension into the fund management industry in Malaysia. In a statement, BIMB Investment, a unit of Bank Islam Malaysia Bhd, said this is the first Wakaf featured unit trust fund under the Securities Commission Waqf-Featured Fund Framework that was introduced on Nov 12,2020. It is also a qualified sustainable and responsible investment (SRI) Fund under the SC Guidelines on Sustainable and Responsible Investment Funds. BIMB Investment chairman Mohamed Ridza Mohamed Abdulla said this product is unique as it combines Shariah-based principles in mobilising funds for the betterment of society. “Apart from social finance, the focus in healthcare, education and community empowerment whilst providing investment returns for investors makes this fund truly innovative. “We collaborate with various stakeholders including the SC Islamic Capital Market Division, Bank Islam's Centre of Social Finance, Strategic Relations Division and, the Association of Islamic Bank Malaysia (AIBIM) on this initiative. “It is my hope that the team in BIMB Investment continues to introduce exciting products in our efforts to grow and develop Islamic finance, ” he said. The CEO of BIMB Holdings Bhd and Bank Islam Malaysia Bhd, Mohd Muazzam Mohamed said this much-awaited wakaf fund into the market is a testament to the Islamic Finance community's camaraderie in developing an innovative product that will forever change the Islamic finance landscape. Mohd Muazzam said the launch of Makmur myWakaf Fund is in line with the vision and mission of the Bank Islam group on its social finance agenda. “Now, with Makmur myWakaf Fund, all Malaysians have access to wakaf instruments in the form of investment and at the same time contributing to social and community development across the country. “Importantly, Makmur myWakaf Fund offers the benefit of the hereafter for Muslims. I am also very pleased with the collaboration with AIBIM under the Bank Negara Malaysia initiative of myWakaf that has made the Makmur myWakaf Fund possible. “AIBIM's myWakaf as the wakaf administrator of the fund will provide professional administration of the wakaf for the benefit of the society nationwide.” BIMB Investment's CEO, Najmuddin Mohd Lutfi said Makmur myWakaf Fund aims to encourage the local Islamic social finance segment's growth. “It is in line with BIMB Investment's goal to incorporate social objectives into the retail investment to benefit society. “We believe that wakaf has great potential in developing the economy and generate an overall positive and sustainable impact on Malaysia's economy, community and environment, ” he said. The Makmur myWakaf Fund aims to distribute monthly income distribution, subject to availability of income and channel 50% of the income distribution for wakaf purposes through AIBIM's myWakaf initiative. Najmuddin said the Makmur myWakaf Fund is a multi-currency, global mixed assets Shariah-compliant fund and in support of the Malaysia International Islamic Financial Centre (MIFC) initiatives. The fund aims to generate income through a diversified portfolio of Shariah-compliant investments across different asset classes both locally and globally. All securities will go through sustainability and ESG screening. The fund is offered in ringgit, US dollar and Australian dollar with an initial offer price of 25 sen/cent per unit with a minimum initial investment of only RM200, US$200 and A$200, he said.
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