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Indonesia's Mandiri launches Islamic global mutual fund
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Senior executives of PT Mandiri Investment Management (MMI) launch the Mandiri Global Sharia Equity Dollar Fund on Tuesday. (JP/Anton Hermansyah)
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tate-owned Bank Mandiri’s sister company PT Mandiri Investment Management (MMI) launched on Tuesday a sharia-based foreign securities equity fund, namely the Mandiri Global Sharia Equity Dollar Fund to invest in the Dow Jones Islamic Index.
“100 percent of the funds will be allocated to US stocks,” MMI head of product development Ari Adil told thejakartapost.com at the Indonesia Stock Exchange (IDX) building on Tuesday.
Since November 2015 the Financial Services Authority (OJK) has eased the rules on sharia mutual fund placements in foreign assets, which were previously limited to 15 percent, Ari said.
“It is good to keep your money in US dollars and as the current US economic data is still weak, the assets there are cheaper,” Ari said. (dan)
