CIMB Group has launched its first global Islamic liquidity fund, the “CIMB Islamic Imtiyaz Liquidity Fund USD”, which is domiciled in Brunei.
In a statement on March 15, CIMB said the fund offered high earning levels with security of capital plus the added benefit of high liquidity.
It is targeted at investors seeking to diversify liquid assets into more than one counterparty; investors looking for a secure alternative to short-term cash deposits, and risk-averse investors who were not looking for capital growth but cash preservation.
CIMB said the fund would invest in a range of investment grade USD-denominated Shariah-compliant securities including commercial papers, certificates of deposit, government/sovereign sukuks, asset and mortgage backed securities and repurchase agreements.
CIMB said the fund was the first Syariah fund to be domiciled in Brunei that was to be offered to both onshore and offshore clients, and the first mutual fund to be approved by the Syariah Financial Supervisory Board in that country.
CIMB Investment Bank Bhd country manager (Brunei) Awangku Nor Muhammad Nizam Pg Tengah, said: ”The launch of the fund today is the result of the collaborative effort between CIMB Group and key players in the Brunei International Financial Centre initiative."
Badlisyah Abdul Ghani, group head of CIMB Islamic, said: “We aim to meet the growing regional and global demand for Islamic investment products.”