Bank Muamalat Malaysia Bhd and Phillip Capital Group Malaysia are targeting an investment of RM100 million within five years through shariah-compliant online Private Managed Accounts and unit trust funds.
Director of retail banking Zury Rahimee Zainal Abiden said that as of Nov 7, 2022, the new investment products have already collected RM1.2 million during its two-week pre-launch period.
“The strategic partnership is expected to enable affordable sophisticated investment products to be accessible not only to Bank Muamalat’s high net worth customers but also to the mass-market customers.
“These products open up opportunities for the public who want more sophisticated investment management with a minimum investment of RM5,000 through cash investment or retirement savings (Employees Provident Fund saving),” he said after the launch of the Private Managed Accounts and agreement signing ceremony between both parties.
Phillip Capital Management executive director Alfred Loke Ka Wai said customers will be charged upfront fees of 3% per injection basis and annual management charges of 1.5%.
On profits, Loke said they aim to deliver an investment return of between 8 and 10% per annum on a long-term tenure basis.
Meanwhile, Phillip Capital Malaysia executive chairperson Datin Nona Salleh in her speech said Bank Muamalat’s customers can now open accounts online or walk into any bank’s branches to invest in various shariah-compliant unit trust funds and private retirement schemes offered by over 30 unit trusts and investment companies.
She said the collaboration is also significant as customers could choose shariah-compliant sustainable investing, widely known as Environmental, Social and Governance (ESG) investing to address the issues of global climate change, resource scarcity and social inequality.
“By choosing to invest in funds and investment mandates that also emphasise ESG, customers can contribute to a better and sustainable future for future generations.
“There are 17 retail shariah-compliant unit trust funds that are ESG compliant in Malaysia now and we also offer shariah-compliant ESG investing via the private investment mandate account,” she said.
Besides investment, Nona said Phillip Capital also focused on giving Bank Muamalat’s customers better value by providing training and investment education as well as its financial intermediaries.
