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KUALA LUMPUR, April 13 -- Kenanga Investors Bhd has launched Kenanga Waqf Al-Ihsan Fund, appointing Yayasan Waqaf Malaysia (YWM) as waqf recipient and administrator.
In a statement today, Kenanga Investors said the fund is suitable for philanthropic investors who sought steady capital growth and income distribution by means of broad diversification and risk minimisation with RM1,000 as the initial minimum investment amount and RM100 for every additional investment.
The open-end fund is investing in a diversified portfolio of Shariah-compliant equities, Sukuk, Islamic money market instruments and Islamic deposits.
“In accordance with waqf principles, half of the derived income will be distributed to sectors such as education, healthcare, economic empowerment and environmental preservation or development,” the financial services company said.
Given that Kenanga Investors has been at the forefront of many of the industry’s pioneering and innovative achievements in the fund management industry, executive director and chief executive officer (CEO) Ismitz Matthew De Alwis said the next natural step for the company is the expansion of its Shariah investments.
He said the potential of waqf, an Islamic philanthropic-based vehicle, to positively impact the economic and social aspects of the disadvantaged would be immensely valuable.
“The fund will serve as the launchpad for other similar environmental, social and governance (ESG)-linked products as part of Kenanga Investors’ move towards sustainable and socially responsible investing,” he said.
He said the launch of the fund is in line with the Securities Commission Malaysia’s (SC) Islamic Fund and Wealth Management Blueprint in 2017 and the Waqf Featured-Fund Framework introduced on Nov 12, 2020 which aimed to facilitate the growth of the Islamic social finance segment.
“Kenanga Investors also serves as the first strategic partner to actively collaborate with YWM in the development of waqf since 2021’s National Budget mandate last year which called for more engagements between YWM and government agencies, government-linked companies and the private sector, to drive the development of waqf within the country,” he added.
Meanwhile, YWM’s CEO Prof Madya Dr Amir Shaharuddin said the concept of waqf is one of Islam’s core socio-economic institutions which encourages Muslims to be innovative in generating revenue and providing various goods and services to their respective communities.
“We foresee that the fund will generate a considerable amount of awareness and interest due to its altruistic nature especially in today’s social climate which will lead to society empowerment and poverty alleviation,” he added.