Permodalan BSN launches Islamic unit trust fund

KUALA LUMPUR: Permodalan BSN Bhd, a wholly-owned unit trust management company of Bank Simpanan Nasional, has launched its unit trust fund called BSN Dana Dividend Al-Ifrah.

Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/IFRAH/Article/
Published: September 13, 2012

A pure equity syariah-compliant fund, Al-Ifrah has 800 million units to offer at 25 sen a unit and will invest in stocks which pay and have the potential to pay at least three per cent annual gross dividends.

Investors who pursue regular income will find the fund attractive as it potentially offers medium to long term capital appreciation, Permodalan BSN chairman Datuk Azizan Abd Rahman said.

He said Al-Ifrah is the third fund under its management with the objective to provide consistent income by investing in dividend stocks which pay regular dividends.

As an equity fund, Al-Ifrah - which was launched yesterday will have high equity exposure by investing a minimum of 70 per cent of the net asset value in syariah-compliant equities listed on Bursa Malaysia.

Permodalan BSN as at August 2012 had RM145.6 million of assets under its management, managing two funds, Amanah Saham Bank Simpanan Nasional (RM97.7 million) and BSN Dana Al-Jadid (RM47.9 million).