Public Mutual to launch 2 Islamic funds

Public Mutual is set to launch two new Islamic funds, Public Islamic Treasures Growth Fund (PITGF) and Public Sukuk Fund (PSKF) tomorrow, which will aim at the domestic market.

Its Chief Executive Officer, Yeoh Kim Hong, said PITGF was an Islamic equity fund seeking to achieve capital growth over medium to long term period through heavy investment in small and medium sized companies that comply with Syariah principles.

In a statement here today, he said small-to-mid cap stocks generally offered higher growth opportunities compared to larger stocks due to their smaller earnings base.

"The growth prospects for stocks within the universe of Syariah-compliant stocks is promising as there are about 796 Shariah-compliant small-and medium-capitalisation stocks presently listed on Bursa Malaysia," he added.

PITGF also focuses its investments mainly in the domestic market, capitalising on opportunities arising from Malaysia's resilient economic growth prospects in the medium- to long-term.

As for PSKF, it will invest in a diversified portfolio of sukuk comprising mainly corporate sukuk, which produces generally higher returns than Islamic money market deposits.

The initial price of both PITGF and PSKF will be RM 0.25 sen per unit and RM 1 per unit respectively during the 21-day initial offer period from July 19 to August 8.

The minimum initial investment for both funds is RM1,000 and a minimum of RM100 is required for each additional investment.

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