KUALA LUMPUR: Hong Leong Islamic Bank (HLISB) launched the market’s first restricted digital investment account, the Portfolio Investment Account (PIA-i).
In a statement, HLISB said it has worked with Hong Leong Islamic Asset Management (HLISAM) for PIA-i to provide its clients with the ability and affordability to invest in Sharia-compliant mutual funds on a digital platform.
The Sharia principle for this product is Wakalah bi Al-Istithmar, an agency contract where the investor authorizes HLISB to manage clients’ investment on their behalf.
HLISB Director General Jasani Abdullah said: “The Covid-19 lockdown has been a catalyst for retail investment in the country as Malaysians saw the urgency to invest in their future viability financial. “
“With Malaysia’s accelerating transformation into an advanced digital economy, HLISB PIA-i’s digital offering is another step towards the increased use of digital tools and technology in an ever-expanding first digital society.
“In addition, PIA-i also aims to serve and facilitate the journey to more superior personal wealth management,” he said.
Through PIA-i, client funds will be invested in three Sharia-compliant investments; Hong Leong Dana Al-Izdihar, a money market fund; Hong Leong Dana Maa’rof, a balanced fund; and Hong Leong Dana Makmur, an award-winning equity fund from Refinitiv Lipper.
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