Pacific Mutual launches new Islamic fund

Pacific Mutual Fund Bhd, the fund management arm of PacificMas Bhd, today launched the Pacific Protected Islamic Cash Fund.
In a statement in Kuala Lumpur yesterday [Feb 5, 2009], it said the fund aimed to provide capital protection as well as constant, steady returns comparable to Shariah based deposits with licensed financial institutions.
"The investment is ideal for investors with a conservative risk profile and who are seeking regular and decent returns from a relatively safe investment which complies with Shariah requirements," it said.
Pacific Mutual's chief executive officer, Michael Auyeung, said corporate investors could benefit from the advantages of principal preservation, regular income and easy access to their cash whenever they needed them.
"Corporate investors can also benefit from the tax exemption on returns from investments in Islamic money market instrument via the fund," he said.
Auyeung said the fund aimed to generate regular income by investing predominantly in a highly conservative portfolio of shortterm Shariah based deposits and Islamic money market instruments issued by licensed financial institutions that carry a minimum credit rating of 'A2' by RAM Rating Services Bhd or an equivalent local or foreign rating agency.
The fund is open only to individuals with total net personal assets exceeding RM3 million, corporations exceeding RM10 million, unit trust schemes and pension funds. — Bernama
(This story appeared in The Malaysian Reserve on Feb 6, 2009. The Malaysian Reserve is a daily business/finance newspaper published out of Kuala Lumpur, with a sectoral page on Islamic finance on Mondays, edited by Habhajan Singh)