KUALA LUMPUR: Hong Leong Islamic Bank (HLISB) has launched the first-in-market digital restricted funding account, Portfolio Investment Account (PIA-i).
In a press release, HLISB stated it had collaborated with Hong Leong Islamic Asset Management (HLISAM) for the PIA-i to supply its prospects the chance and accessibility to put money into Shariah-compliant unit trusts funds on a digital platform.
The Shariah precept for this product is Wakalah bi Al-Istithmar, an company contract the place the investor authorises HLISB to handle the shoppers’ funding on their behalf.
HLISB chief government officer Jasani Abdullah stated: “The Covid-19 lockdown has been a catalyst for retail investment in the country as Malaysians saw the urgency to invest in their future financial sustainability.”
“With Malaysia’s accelerated transformation towards an advanced digital economy, the digital offering of HLISB PIA-i is another step towards the increased use of digital tools and technology in an ever-expanding digital first society.
“In addition, PIA-i also aims to serve and facilitate the journey towards a more superior personal wealth management,” he stated.
Through the PIA-i, prospects’ funds can be invested into three Shariah-compliant investments; Hong Leong Dana Al-Izdihar, a cash market fund; Hong Leong Dana Maa’rof, a balanced fund; and Hong Leong Dana Makmur, a Refinitiv Lipper award-winning fairness fund.