Principal Asset Management has announced the Principal Islamic Global Selection Series, a range of three mixed-asset funds curated according to risk profiles – conservative, moderate and aggressive –that aim to provide long-term capital appreciation and income through Shariah-compliant investments in the global markets.
The funds will be managed within the target risk range of 3% to 5%, 6% to 9%, and 10% per annum, respectively. With the corresponding asset allocations to reflect the target risk, each individual fund offers different dividend payout frequencies and income.
Designed as income and growth funds, up to 20% of each fund’s net asset value may be invested in non-investment grade, unrated Islamic debt securities or unrated sukuk. The minimum initial investment in the ringgit class is capped at 500 ringgit, with a minimum additional investment of 50 ringgit; and, in the US dollar class, the minimum is capped at US$1,000 with a minimum additional investment of US$100.
“The Islamic Global Series allows customers to diversify into various Shariah-compliant asset classes for best risk reward, while tapping into the myriad of expertise offered by multi-managers globally,” says Munirah Khairuddin, CEO of Principal Asset Management. “During periods of uncertainty, such as the present, Shariah-compliant funds are capable of providing stable and consistent returns. This has been proven during the Sars outbreak in 2003 and the global financial crisis of 2008-2009.”
CIMB Bank has been appointed as the exclusive bank distributor for the funds for a period of six months.