BCA Launches BISEU Sharia Shares Mutual Fund

Photo: Doc. Antara

JAKARTA - PT Bank Central Asia Tbk (BCA) launched a USD sharia mutual fund product, Batavia India Shariah Equity USD (BISEU).

BCA Director Haryanto Budiman said this product was the result of collaboration between BCA and PT Batavia Prosperindo Asset Management (BPAM) as investment manager. One of the selling agents who first launched BISEU mutual funds with 1 US dollar Net Asset Value (NAV).

This offshore mutual fund with a US dollar currency focuses on investing in the Indian region and is designed in accordance with sharia principles.

"The launch of BISEU mutual funds provides an opportunity for BCA customers to be able to diversify their investment geographically by investing in India, which is one of the second largest emerging market (EM) countries in MSCI EM, while adhering to sharia principles," said Haryanto in an official statement in Jakarta, quoted from Antara, Friday, October 11.

Haryanto assessed that his party was aware of the increasing interest in public investment, as reflected in the growth in BCA's wealth management fund which grew by more than 35 percent on an annual basis (yoy) as of September 2024.

BPAM President Director, Lilis Setiadi, explained that BISEU mutual funds provide new and different investment access for customers in the Indian stock market.

"By cooperating with experienced Technical Advisors on the Indian market, namely Invesco Ltd., we believe the customer portfolio will be more complete and strong, due to exposure to India's economy which has relatively high and consistent growth. Especially in the technology, consumption and manufacturing sectors that are developing well in India," he explained.

For BCA customers who want to make a BISEU mutual fund purchase transaction, they can buy it with a minimum subscription starting from 10,000 US dollars.

For customers who have never had USD mutual fund transactions, the first purchase must be made at the BCA Branch Office which serves mutual fund investment.

For further purchases, customers can also make purchases through the Welma feature in the myBCA application. In the launch of the BISEU mutual fund product, BCA also provided an attractive promo, namely cashback mutual funds of up to 500 US dollars per customer in the form of an investment unit.