Kuala Lumpur, 3 March 2021: BIMB Investment Management Berhad (BIMB Investment), a wholly-owned subsidiary of Bank Islam Malaysia Berhad, has today officially launched the Makmur myWakaf Fund (MWF), the First Wakaf Featured Unit Trust Fund under the Securities Commission Malaysia (SC) Waqf-Featured Fund Framework that was introduced on 12 November 2020 and a Qualified Sustainable and Responsible Investment (SRI) Fund under the SC Guidelines on Sustainable and Responsible Investment Funds. 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.
Chairman of BIMB Investment, Mohamed Ridza bin Mohamed Abdulla said, “Finally, after two years of research , BIMB Investment introduces the Makmur myWakaf Fund conceptualising it into reality. This product is unique in its features 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 Securities Commission 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.”
The Makmur myWakaf fund aims at investors who wish to channel a part of their investment returns for wakaf purposes to underprivileged communities in the mentioned focused sectors in Malaysia. 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. Half-Yearly Wakaf Asset Report will be featured in the Fund’s interim and annual reports, from which, Unit Holders’ will be informed on the distribution of the Wakaf Asset.
CEO of BIMB Holdings Berhad and Bank Islam Malaysia Berhad, Encik Mohd Muazzam Mohamed, said, “Congratulations to BIMB Investment team for bringing this much-awaited wakaf fund into the market. It is a testament to the Islamic Finance community’s camaraderie in developing an innovative product that will forever change the Islamic Finance landscape. 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 added, “We are pleased to launch Makmur myWakaf Fund, a fund that is tailor-made for investors looking to incorporate social finance into their investment strategy. As the first wakaf unit trust fund under the SC Waqf-Featured Fund Framework, 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.”
Makmur myWakaf Fund is qualified under the Guidelines on Sustainable and Responsible Investment Funds. Makmur myWakaf Fund is designed to deliver income through tactical asset allocation and a diversified combination of local and global Shariah-compliant portfolio with monthly income distribution, subject to availability of income. Also, the fund uses a bottom-up approach to portfolio construction of assets that are screened for sustainability performance and incorporates the principles of the United Nation Global Compact (UNGC) and Environmental, Social and Governance (ESG).
BIMB Investment is the only bank-backed Islamic Asset Manager in Southeast Asia signatory of the United Nations-supported Principles for Responsible Investment (UNPRI). BIMB Investment was named ESG Asset Manager of the Year for two consecutive years in 2020 and 2019 by The Asset Triple A Islamic Finance Awards 2020.
Investors are advised to read and understand the contents of the Prospectus for Makmur MyWakaf Fund dated 3 March 2021, its supplemental (if any) and the Product Highlights Sheet (PHS) before investing, which have been lodged with the Securities Commission Malaysia (SC) who takes no responsibility for its contents. A copy of the Prospectus and PHS can be obtained from the Head Office of BIMB Investment Management Berhad, www.bimbinvestment.com.my, any of our authorised unit trust consultants, distributors and/or any Bank Islam branches. The SC’s authorization or the lodgement of the Prospectus should not be taken to indicate that the SC has recommended the Fund. There are fees and charges involved and investors are advised to compare and consider them before investing in the Fund. Investments in the Fund are exposed to risk, please refer to the Prospectus for detailed information. Investors are advised to consider the risks in the Fund and should make their own risk assessment and seek professional advice, where necessary, prior to investing. Investors should also note that the price of units and distribution payables, if any, may go down as well as up. Any issue of units to which the Prospectus relates will only be made upon receipt of the completed application form referred to in and accompanying the Prospectus, subject to the terms and conditions therein.
Wan Norkhairi Wan Samad
Head, Group Corporate Communications
BIMB Holdings Berhad
Tel: +603-2782 1232
Media Relations & Editorial, Group Corporate Communications
BIMB Holdings Berhad
Tel: +603-2781 2943 / +6019-391 9144
Nurfarah Diyana Mohd Firhad
Corporate & Retail Business
BIMB Investment Management Berhad
Tel: +603-2161 2524