,The group CEO of Touch ‘n Go Group Effendy Shahul Hamid said when GO was launched, there were calls from its users for the underlying fund to be Shariah-compliant.
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KUALA LUMPUR: Touch ‘n Go Group and Principal Asset Management announced on Wednesday that Principal e-Cash Fund, the underlying fund for Touch ‘n Go’s GO+, is now shariah-compliant.
In a joint statement on Wednesday, they said this makes GO+ fund Malaysia’s first shariah-compliant eWallet product.
Touch ‘n Go eWallet customers will still gain access to low-risk money market investments for as low as RM10 and earn the same potential return on daily basis whilst being able to use the funds for all transaction over its eWallet.
GO+ was launched in March 2021 as Touch ‘n Go’s first step into the area of digital financial services.
The GO+ product is anchored on the Principal e-Cash Fund, a money market fund managed by Principal.
The product co-creation collaboration essentially combines Touch ‘n Go eWallet’s expertise in technology and ecosystems and Principal’s core expertise in investment strategy and fund management.
The group CEO of Touch ‘n Go Group Effendy Shahul Hamid said when GO+ was launched, there were calls from its users for the underlying fund to be Shariah-compliant.
“We listened to them, and immediately went to work. We now have a product that is even more inclusive than it was, and perfectly in-line with our goals of bringing basic financial services to everyone,” he said.
CEO of Principal Asset Management Munirah Khairuddin, said as the Principal e-Cash Fund is shariah-compliant, customers can start their investing journey with as little as RM10 and with same potential return.
“We are focused on providing more inclusive investment solutions so that financial security is accessible to all.
“As a financial companion, identifying the trends and addressing customers’ needs for shariah-compliant solutions have allowed our Islamic business and capabilities continue to grow from strength to strength,” she added.
Principal Asset Management is the leading Islamic asset manager in Malaysia, among the top five global Islamic asset manager, and at the forefront of developing new Shariah-compliant products and solutions in the global market.
“We manage a total of RM96.7bil funds in Southeast Asia, out of which, RM30.69bil is Islamic funds, as of June,” she added.
Founder and executive chairman of Amanie Group, Datuk Dr Mohd Daud Bakar said: “The Islamic finance industry is expected to further grow in 2021 and 2022, and we are glad that both Touch ‘n Go and Principal would serve as a catalyst to the Islamic investment market, and wider Muslim population to enter and participate in the eWallet investment space as well.”
Amanie Group is Principal’s shariah adviser.