MALAYSIA: OSK-UOB Islamic Fund Management has launched its Global Food Islamic Equity Fund aimed at tapping into the halal food industry. Touted as the first global halal food fund, it has an approved fund size of RM200 million (US$67.36 million), or 400 million units, with a targeted return of 7%.
The fund is open to retail and institutional investors with an initial price of 50 sen (16.82 US cents) per unit and an initial minimum investment of RM1,000 (US$336.4). The 20-day initial offer period will end on the 31st August.
Md Noor A Rahman, its CEO, is confident that the fund will be fully taken up by the end of 2011. He said that discussions were underway to appoint a distributor for the fund in the GCC.