Open-ended fund will invest in Shariah-compliant dividend yielding equities
KUALA LUMPUR, Friday [18 March 2011]: BIMB Investment Management Berhad (BIMB Invest) today launched a RM 250 million BIMB i Dividend Fund (“the Fund”) to provide investors with steady and recurring income and capital growth in the medium to long term.
The Fund is suitable for investors who are looking for a diversified domestic Shariah-compliant investment portfolio and have a moderate to high risk tolerance. It will invest in listed Shariah-compliant dividend yielding equities that have historically offered solid performances, BIMB Invest Chairman, Y.Bhg. Dato’ Sri Zukri Samat said.
BIMB i Dividend Fund is an open-ended fund that will invest in Shariah-compliant equities listed on Bursa Malaysia ranging from 70% to 98% of its Net Asset Value (NAV) and a minimum of 2% - 30% of the Fund’s NAV in cash and cash equivalent.
“The equities, in which the Fund will invest in, are generally less volatile when compared to the broader equity market. Furthermore to help achieve the Fund’s objectives, in the event of a volatile market or any adverse conditions we may take a temporary defensive position in order to preserve the long- term investment returns of the Fund,” he added.
BIMB i Dividend is the sixth unit trust product by BIMB Invest, a wholly owned subsidiary of Bank Islam. It is also the Management Company and Fund Manager for
BIMB i Growth, ASBI Dana Al-Munsif, ASBI Dana Al-Falah, ASBI Dana Al-Fakhim and BIMB Invest Money Market Fund.
Starting today, BIMB i Dividend Fund will be available for sale at all Bank Islam branches nationwide and with BIMB Invest authorised Unit Trust Consultants (UTCs).
The Fund has an approved Fund Size of one billion units with the initial offer price set at RM0.25 per unit starting from today for 21 days. The minimum investment is RM500 and minimum subsequent investment is RM100. The minimum recommended investment time horizon for the Fund is between 3 and 5 years.
In conjunction with the launch of this new Fund, BIMB Invest will donate 0.30% out of the 5% Sales Charge received from the sale of the fund to selected charitable organisations.