Hong Leong Asset Management Bhd (Hong Leong AM) has announced the launch of its first Islamic Private Retirement Scheme (PRS) called the Hong Leong PRS – Islamic. Managed by Hong Leong Islamic Asset Management Sdn Bhd, this PRS offers a new option for investors to supplement their mandatory scheme savings, addressing the challenge of retirement planning in Malaysia.
With projections indicating that over 20% of Malaysia’s population will be aged 65 and above by 2056, the need for a secure financial safety net for retirement is crucial. Reports have shown that many retirees exhaust their mandatory scheme savings within 5 years of retirement, highlighting the importance of additional retirement savings options like PRS.
The Hong Leong PRS – Islamic aims to help PRS members accumulate savings for retirement by offering a range of retirement funds, including the Hong Leong PRS Islamic Growth Fund, Moderate Fund, and Conservative Fund. These funds invest in Shariah-compliant assets, providing investors with options based on their risk appetite and age.
The PRS also offers tax relief for investors, with eligible PRS members able to claim tax relief for investment amounts up to RM3,000 until 2025. With a minimum initial subscription amount of RM100 and additional subscription amount of RM50, the PRS provides an accessible avenue for individuals to start planning for their retirement.
The introduction of the Hong Leong PRS – Islamic underscores Hong Leong AM’s commitment to helping investors achieve a sustainable retirement through quality funds and professional fund management services. With its lock-in period, the PRS encourages disciplined long-term investment, offering compounded benefits for young investors over the years.
