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Awqaf South Africa and AlHuda-CIBE sign an MOU at Johannesburg
AWQAF SA and Pakistan based Al Huda Centre of Islamic Banking and Economics (Al Huda CIBE) formally entered into a Memorandum Of Understanding (MOU) at Gallagher Estate, Sandton , Johannesburg, at the closure of the International Conference on Islamic Banking and Finance in Africa organized by AlHuda CIBE.....
 
Mr. Zuair Mughal, CEO Alhuda CIBE & Mr. Zeniel Kajee CEO Awqaf South Africa at MOU signing Ceremony
 
 
 
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MIDF Amanah To Convert Two Bond Funds Into Money Market Funds
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MIDF Amanah Asset Management Bhd has set its sights on converting two of its bond funds into money market funds before the year-end, says Chief Executive Officer and Chief Investment Officer, Scott Lim.

He said the bond funds, MIDF Amanah Bond Fund and MIDF Amanah Islamic Bond Fund, are not suitable to be managed as such due to the small size.

"The funds are too small to be managed as bonds as each fund size is only about two million units. That's why we are converting them into money market funds," he told reporters on the sidelines of the Malaysia Unit Trust Week 2010 (MSAM 2010) here.

MIDF Amanah, the asset management arm of Malaysian Industrial Development Finance Bhd (MIDF), acquired Asia Unit Trust Bhd (AUTB) last year.

AUTB formerly was the MIDF Group's unit trust management division.

With the transfer of business completed at the beginning of this year, the company has merged its businesses under a single licence, known as MIDF Amanah.

Lim said the company had successfully rebranded its four funds, the MIDF Amanah Growth Fund, MIDF Amanah Strategy Fund, MIDF Amanah Islamic Fund and MIDF Amanah Dynamic Fund, recently. All were previously managed by AUTB.

All six funds were re-launched on the first day of the MSAM 2010 to take advantage of the event and to promote all, in the local market.

"This year's focus will be more on the four funds, rather than our bond funds.

"To generate interest among investors for these products, we are also offering a zero sales charge until year-end," he explained.

He also highlighted that the funds are expected to give a more than 100 per cent return in the long-term (3-5 years).

"Our track record has been in giving a minimum 300 per cent return for a 10- year investment and about a 200 per cent return, for a five-year investment," he noted.

MIDF Amanah also plans to launch a foreign fund in the second half of this year.

 
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