First sharia-based mutual fund launched<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Asset management and financial services firm PT Insight
\nInvestments Management introduced on Monday Indonesia's first
\nsharia-based fund management service in Indonesia called the i-
\nHajj Syariah Fund.<\/p>\n
\"The i-Hajj Syariah Fund will offer investors not only
\nfinancial yields but also an opportunity to put aside 1 percent
\nof their net assets to help finance middle to low income people
\nto go on the haj pilgrimage to Mecca,\" director Siti Arimbi
\nPulungan told a press conference.<\/p>\n
She said the company would use a minimum of 40 percent of
\ninvestors' money for the purchase of sharia-based bonds and
\nmedium-term notes and a maximum of 60 percent for the purchase of
\nsharia-based money market instruments, such as Bank Indonesia's
\nsharia promissory notes (SWBI), sharia interbank promissory notes
\n(SIMA) and deposits in sharia banks.<\/p>\n
The company, she said, expected to sell one billion
\nparticipation units at Rp 1,000 (11 U.S. cents) each during the
\nfirst three years of operation. Each investor can buy a minimum
\nof Rp 500,000 worth of units.<\/p>\n
Pulungan did not explain whether or not the i-Hajj Syariah
\nFund would be listed on the capital market. But the company
\nprospectus said the Capital Market Supervisory Board (Bapepam)
\nhad not issued a statement on the approval of the fund.<\/p>\n
Company vice president Tony Henri said that if the company
\ncould generate Rp 200 billion in investment this year, funds to
\nfinance 30 people on the pilgrimage would be set aside.<\/p>\n
\"In the future, we expect to send approximately 300 people on
\nthe pilgrimage per year,\" he said.<\/p>\n
Pulungan said that in order to guarantee transparency in fund
\nmanagement, all the money for financing people on the pilgrimage
\nwould be placed in one account at custodian Bank Niaga Syariah
\nand would be audited by a public accountant.<\/p>\n
To guarantee that management of the fund was in line with
\nsharia law, the investment manager would work under the
\nsupervision of the Sharia Supervisory Board.<\/p>\n
For the operation of the i-Hajj Syariah Fund, Insight
\nInvestments Management received Rp 14.4 billion in financial
\nsupport from PT Taspen, PT Jamsostek, PT Bank Syariah Mandiri,
\nBII Syariah Platinum, Krakatau Steel Pension Plan and four
\nbusinesspeople. (004)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/first-sharia-based-mutual-fund-launched-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}