MALAYSIA: Amanah Mutual (AMB), a subsidiary of Amanah Saham Nasional, has launched a RM200 million (US$66 million) Islamic money market fund, the AMB Dana Nabeel.
The fund is targeted at individuals and institutional investors seeking low-risk Shariah compliant investments where at least 90% of the fund’s net asset value will be invested in short-term Shariah compliant deposits, money market instruments and debentures with maturity of not more than 365 days.
AMB aims to pay dividends on a monthly basis, subject to the level of income the fund generates.
Individual investors can invest in the fund with a minimum investment of RM5,000 (US$1,660) and a minimum additional investment of RM1,000 (US$332), while the minimum initial investment for corporate investors begins at RM50,000 (US$16,603) with a minimum additional investment of RM10,000 (US$3,320).
AMB currently has 16 funds under management with total assets valued at RM3.56 billion (US$1.18 billion).