Malaysia-based TA Investment Management (TAIM) has launched an Islamic three-year,closed-end fund aimed at high net worth investors.
The TA Dana Principal Preservation Robotic Theme fund will invest at least 90% of its net asset value in Islamic “negotiable instruments” of technology companies and/or Islamic “money market instruments of financial institutions”. A maximum 10% will also be invested in Islamic certificates, including certificates of deposit.
Negotiable instruments, which includes cheques, certificates of deposit and promissory notes, is a transferable, signed document that promises to pay the bearer a sum of money at a future date or on demand.
Issuers of securities that the fund invests in must have at least a single-A rating from Rating Agency Malaysia.
Wong Mien, chief executive of TAIM, said the fund “comes with 100% capital preservation and has a potential pay-out of 9% per annum”.
Its only available to individuals who have net assets of more than 3m ringgit (£559,000, $715,000, €627,000). The fund is open for subscription at one ringgit per unit until 4 January 2019.
There will be a sales charge of up to 3% of the offer price. A penalty fee of up to 3% of the fund’s net asset value per unit will also be imposed on early redemption before maturity in January 2022.
