By TMR / Pic By TMR

CIMB-Principal Asset Management Bhd has launched CIMB Islamic Global Equity Fund, which will invest in Shariah-compliant global equities.

The fund aims to achieve long-term capital appreciation and provides investors diversification benefits offered by equities in emerging and developed markets, the fund manager noted in a release yesterday.

“This new fund is aligned to our strategic value proposition to provide our customers with unparalleled Shariah-compliant investment opportunities across various asset classes and across numerous markets globally.

“I am confident there will be good appetite for the fund and we will be able to meet our target fund size of RM300 million in assets under management within a year of the fund’s inception,” CEO Munirah Khairuddin said.

The fund is now available to investors with a minimum investment of RM500.

It will invest a minimum of 70% and up to a maximum of 98% of its net asset value (NAV) in Shariah-compliant global equities and equities-related securities to gain long-term capital growth.

The fund, the latest addition to CIMB-Principal’s suite of 20 Islamic funds, may invest up to 28% of the fund’s NAV in sukuk, Shariah-compliant money market instruments and Islamic deposits.

As at Aug 31, 2017, CIMB-Principal Group had a total of RM74.4 billion in assets under management.