Data of PT Infovesta Utama, the information service and independent research for mutual fund and bonds, show the falling wealth management of sharia equity fund product.
Infovesta analyst Rudiyanto said the falling wealth management happened due to some reasons such as the move of customers fund from sharia equity fund to non sharia equity fund recently released the investment manager or to other investment products.
"When there is new mutual fund which is deemed more aggressive and relevant to investment goal, it is possible that customers then transfer the funds to sharia equity fund to the other existing new products," he said last week.
He added the NAV cut also happened due to the profit taking action from the customers who consider that investment target had been achieved.
Sharia equity fund performance January-September 2010 is decreasing as from last year. That period there are only three sharia mutual fund products as of the other nine sharia mutual funds that could exceed the Jakarta Islamic Index (JII).
JII is the index using 30 shares opted from the incoming shares in the sharia criteria by considering the market and liquidity capitalization. In January-September 2010 period, JII performance was 26.21 percent.
Last year, in the same period, as of eight sharia mutual fund products six of them could exceed the JII.
Data of BapepamLK unveils the total NAV of sharia mutual fund once hit the top at IDR5.09 trillion in July 2010 or grew 12.01% from the 2009 NAV of IDR4.55 trillion.
Rudiyanto also observed the weakening sharia mutual fund selling agent quality if compared to the non sharia mutual fund selling agents.
"The challenge for sharia mutual fund investment manager in the future is on how to improve sharia mutual fund selling agents quality which is now unevenly distributed," he said.
Similarly, Karma P. Siregar, Associate Director Mutual Fund Sales and Marketing of PT Batavia Prosperindo Aset Manajemen, shared the same concern.
So far Batavia Prosperindo sells Batavia Dana Saham Syariah product without seeking any cooperation with other parties.
Starting yearend, sharia mutual fund product of Batavia Prosperindo is to be sold through two banks.
"We cannot mention the bank names in this cooperation as finalization process is ongoing. One is local and the other is foreign bank," he said.
IDX director Ito Warsito recently mentioned the bourse commitment to improve socialization and education on sharia product in capital market.
"We have socialization so that investors need not worry about it. Now there is still worry among investors that investment at stocks are associated with gambling," he said at the time.
Data of Bapepam-LK mentions cumulatively the number of sukuk issuance January-August 2010 is 46 sukuk or rose by 6.9% from 43 sukuk last year. (NOM)
Source : http://www.bisnis.com/en/bisnis-today/1id215321.html - Oct 18, 2010
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