REPUBLIKA.CO.ID, JAKARTA -- A subsidiary of Mandiri Bank, PT. Mandiri Manajemen Investasi (MMI), has launched the Mandiri Global Sharia Equity Dollar Fund, a foreign securities-based Sharia equity fund.

"Through this product, the investors can diversify their investments in US dollar denominations to reap optimal results," Executive Director of MMI Muhammad Hanif stated here on Tuesday.

Hanif explained that the product was issued in accordance with the Finance Services Authority' Regulation Number 19 of 2015 on publishing and conditions of Sharia equity funds, which contains an article that permits full investment in capital markets abroad.

"Earlier, Sharia equity funds could only invest a maximum of 15 percent abroad. The interest in Islamic equity funds based on Islamic securities abroad is also quite high," Hanif remarked.

Hanif hoped that the funds generated from the launch of the new product will reach US$20 million, and this year, it is expected to reach Rp40 trillion.

"During this year, the funds managed by MMI have reached Rp35 trillion. By the end of 2016, we hope it will reach Rp40 trillion, an increase as compared to Rp28 trillion last year," he noted.

Hanif pointed out that in terms of global portfolio management, MMI will collaborate with a global investment management firm J.P. Morgan Asset Management that will function as a technical advisor in managing global portfolios of the Mandiri Global Sharia Equity Dollar Fund.

Chief Executive Officer of J.P. Morgan Asset Management (Singapore) Limited Steven Billiet stated that the firm had offered access to global expertise and research capabilities in managing funds.

"We are looking forward to participating to further develop the asset management industry in Indonesia, as the local equity fund market is opening its doors to international investment activities," Billiet added.

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