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Bukalapak launches sharia mutual fund product
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The chief financial officer of e-commerce platform Bukalapak, Muhammad Fajrin Rasyid (left), and vice president of marketing Bayu Syerli Rachmat demonstrate the Bukalapak payment system during a press conference in Jakarta last December. Bukalapak introduced a new sharia product on Tuesday. (JP/Anton Hermansyah)
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-commerce platform Bukalapak, together with finance portal Bareksa and investment management company Mandiri Manajemen Investasi (MMI), introduced on Tuesday a new sharia mutual fund product to attract retail investors.
The product, called “Reksadana Syariah Mandiri BukaReksa Pasar Uang,” aims to reach out to potential investors, primarily beginner investors of a low-risk profile.
“With this sharia product, people’s interest in investing in Bukalapak is expected to increase. The sentiment toward sharia products is very positive as Indonesia is the world’s largest Muslim-majority nation,” Bukalapak chief executive officer and founder Achmad Zacky said during the product launch event at the Indonesia Stock Exchange (IDX).
(Read also: Bukalapak 'closer to profitability' thanks to revenue growth)
MMI has not set a high target for its assets under management (AUM), with investors only needing to put a minimum initial investment of Rp 10,000 (75 US cents) for the sharia product.
The investment manager targets to collect Rp 20 billion in AUM at the end of this year, according to MMI director Endang Astharanti.
The largest proportion of the customers’ investment of 60 percent would be placed in bonds, whereas the remaining 40 percent would be in time-deposits.
“Although [we are] not certain, the average return is estimated at 6 percent per year,” Endang said.
According to MMI, since the launch on March 24, around 2,000 people have purchased the new sharia investment product.
Bukalapak also introduced in January a conventional mutual fund product called BukaReksa and recorded 25,000 in existing customers. (lnd)
